TEL AVIV, Sept 4 One month after going public,
Mobileye posted sharply higher quarterly profit and
revenue on strong demand for its camera-based systems that help
drivers avoid collisions.
The company on Thursday reported second quarter earnings per
share excluding one-off items of 5 cents compared with 3 cents a
year earlier. Revenue surged 91 percent to $33.7 million.
The company was forecast to earn 5 cents a share on revenue
of $33.1 million, according to Thomson Reuters I/B/E/S.
Mobileye went public in August in what was the largest IPO
by an Israeli company, raising about $890 million after the
shares were priced at $25. Its shares closed on Wednesday at
$46.97, up 9.2 percent.
The company's technology detects other vehicles and objects
using only a camera and software based on complex algorithms,
unlike other systems which use complex radar-based sensors.
Its products are used in 237 car models from carmakers,
including BMW AG, General Motors Co and Tesla
"Looking forward, we have numerous opportunities to continue
to drive growth, including creating new and enhanced
applications to capitalise on the advantages of our complex
technology," Chief Executive Officer Ziv Aviram said. "Longer
term, our position in the market will enable us to benefit
significantly from the large and growing semi-autonomous and
autonomous driving trend."
(Reporting by Tova Cohen)