Mobileye's Stock Rises After Sales Beat Expectations

Shares of Mobileye rose 1.6% in premarket trade Thursday, after the Israel-based maker of a camera-based driver assistance system reported third-quarter sales that rose well above expectations. For the quarter ended Sept. 30, the company said it lost $13.1 million, or 9 cents a share, compared with a loss applicable to ordinary shares of $228.8 million, or $6.09 a share, in the year-earlier period. Excluding non-recurring items, the company had an adjusted per-share profit of 4 cents, matching the FactSet consensus analyst estimate. Revenue rose 70% to $34.7 million, beating analyst forecasts of $30.3 million, as original equipment manufacturing sales rose 60% to $28.8 million. "During the quarter we successfully won programs for our EyeQ System-on-Chip in several new models with new and existing OEM customers, further validating our best-of-breed mono-camera technology, which bundles multiple applications into a single package," said Chief Executive Ziv Aviram. The stock, which debuted on the NYSE on Aug. 1, closed Wednesday 87% above its $25 IPO price.

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