Israeli self-driving cars and advanced driver-assistance systems (ADAS) company Mobileye Global Inc. (Nasdaq: MBLY) today reported better than expected financial results for the third quarter of 2022.
The Intel unit’s share price is currently up 6.26% at $32.40, giving a market cap of $26.1 billion. This is by far the highest price since the Jerusalem-based company held its flotation on Wall Street on October 26 at $21 per share and a company valuation of nearly $17 billion.
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Mobileye reported revenue of $450 million in the third quarter of 2022, 38% up from the corresponding quarter of last year, very slightly above the analysts’ consensus. Net loss in the third quarter widened to $45 million from $26 million in the third quarter of 2021.
Guidance for fourth quarter 2022 revenue, however, is $527-545 million, far above the analysts’ estimates of $483.7 million, “Reuters” reports.
Mobileye president and CEO Prof. Amnon Shashua said, “Our recently-completed IPO is a major milestone for Mobileye and enhances our ability to create value for all stakeholders. Our time as an Intel 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.”
He added, “Our excellent third quarter performance is an early indication of the success of our strategy. Our established base ADAS products continue to generate strong growth and profitability while our advanced portfolio is beginning to contribute significantly, particularly by boosting average system price. Initial market success of products such as SuperVision is also driving increased business traction. Customers see the potential to drive profit and product differentiation in the near-term, while taking a meaningful step towards future ‘eyes off’ consumer AV systems which can be added to SuperVision in a modular way.”
Published by Globes, Israel business news – en.globes.co.il – on December 7, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
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