Mobileye Global, a maker of technology for advanced driver-assistance systems and self-driving cars, on Thursday edged above expectations for the third quarter. MBLY stock jumped on the news.
The Israeli company earned an adjusted 22 cents a share on sales of $530 million in the September quarter. Analysts polled by FactSet had expected Mobileye earnings of 17 cents a share on sales of $529 million. On a year-over-year basis, Mobileye earnings jumped 47% while sales increased 18%.
For the full year, Mobileye trimmed the high point of its revenue guidance range but raised its profit target. It now expects sales of $2.07 billion to $2.09 billion. Mobileye increased its forecast for adjusted operating income to a range of $648 million to $665 million. Its prior range was $600 million to $631 million.
"We are very pleased with Q3 results, as operating leverage on strong revenue growth has led to significant increases in operating income," Chief Executive Amnon Shashua said in a news release.
MBLY Stock Rises After Report
On the stock market today, MBLY stock surged 7.2% higher to close at 36.42.
Shashua also addressed the impact of the Hamas terrorist attack on Israel and Israel's military counteroffensive.
"Since the end of Q3, the tragic events in Israel have affected us all, but strong business continuity planning, lessons learned during Covid-19 disruptions, and the diligence of our remarkable team has enabled us to limit disruption and continue to execute our business priorities," he said.
Mobileye is a leader in camera-based automotive vision systems and artificial intelligence for autonomous driving and vehicle safety features.
MBLY stock is on the IBD Tech Leaders list.
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