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Mobileye Global Inc (NASDAQ:MBLY) shares jumped over 8% Wednesday on the back of its fiscal third-quarter earnings results, which saw it top profit and revenue estimates.
The autonomous driving technologies company posted adjusted earnings of $0.14, $0.02 better than the analyst estimate of $0.12, while revenue for the quarter came in at $450 million versus the consensus estimate of $447.04M.
The company’s revenue increased 38% year over year to $450M in the quarter, while it said its future business backlog “continues to grow,” with design wins achieved in 2022 projected to “generate future volume of 54M systems by 2030.”
Mobileye’s average system price was $53 compared to $45.7 in the prior year period, driven primarily by an increased mix of advanced products, while the business said price increases offset the increased cost of its EyeQ chip due to global inflationary pressures also contributed to the average system price rise.
Mobileye listed on the Nasdaq in October after raising $861M in an initial public offering.
“Our recently-completed IPO is a major milestone for Mobileye and enhances our ability to create value for all stakeholders,” commented Mobileye President and CEO Prof. Amnon Shashua. “Our time as an Intel (NASDAQ:INTC) subsidiary, operating largely in stealth, was very successful. We built upon our leadership position in ADAS while at the same time productized an advanced set of technology building blocks that support a product portfolio spanning the entire ADAS to AV spectrum.”
Looking ahead, Mobileye sees fourth-quarter revenue between $527M and $545M, versus the consensus of $483.72M, while FY2022 revenue is expected to be from $1.831 billion to $1.849B, versus the consensus of $1.75B.
