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Shares of the company, which counts Volkswagen Group, Ford Motor
Co and General Motors Co among its customers, rose 6.5% to
$36.17 in premarket trading.
The automotive industry is increasingly adopting sophisticated
camera systems and sensors that assist in safe driving.
Earlier this month, founder and Chief Executive Officer Amnon
Shashua said Mobileye forecast a revenue pipeline of over $17
billion through 2030 for its core advanced driver-assistance
systems (ADAS) products.
The company raised $861 million in its second initial public
offering last year October, when Intel Corp spun it off after
taking it private in 2017.
Mobileye, majority owned by Intel, forecast full-year 2023
revenue between $2.19 billion and $2.28 billion. The mid-point
of the range came in higher than analysts' average estimate of
$2.21 billion, according to Refinitiv data.
Revenue jumped 59% to $565 million in the fourth quarter ended
Dec. 31, beating analysts' average estimate of $535.82 million,
according to Refinitiv.
The company posted adjusted earnings per share of 27 cents, also
higher than the consensus of 17 cents.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Shinjini
Ganguli)
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