(Reuters) -Mobileye Global beat Wall Street expectations for first-quarter revenue on Thursday, benefiting from an increase in orders for its driver-assistance technology from automakers. The company has been seeing an increase in demand for its systems as customers work through their excess inventory of auto chips they had stockpiled during the pandemic to avoid a […]
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Mobileye Global beats revenue estimates on strong self-driving tech demand
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(Reuters) -Mobileye Global beat Wall Street expectations for first-quarter revenue on Thursday, benefiting from an increase in orders for its driver-assistance technology from automakers.
The company has been seeing an increase in demand for its systems as customers work through their excess inventory of auto chips they had stockpiled during the pandemic to avoid a crunch.
Mobileye now expects second-quarter revenue to increase around 7% from the previous year, compared with analysts estimates of a 2% fall, according to data compiled by LSEG.
The company also reaffirmed its annual revenue forecast, with CEO Amnon Shashua saying that the outlook “was designed to account for some amount of macro deterioration in 2025.”
“Based on strong revenue trends to-date and our own analysis of likely production impacts of the current tariff conditions… we continue to expect to deliver revenue and profitability within the guidance range,” he said.
The forecast helped allay investor worries that the global trade war and the resulting macroeconomic volatility would make a major dent in Mobileye’s ability to sell its driver-assistance technology.
Shares of the company rose 3% in premarket trading.
The company reported first-quarter revenue of $438 million, compared with estimates of $435.2 million.
Mobileye reported a loss per share of 13 cents in the first quarter, compared with a loss of 27 cents, a year ago.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Maju Samuel and Shinjini Ganguli)