Mobileye expects strong 2023 as customers lap up autonomous driving tech

Mobileye expects strong 2023 as customers lap up autonomous driving tech

(Reuters) -Mobileye Global Inc forecast fiscal 2023 revenue higher than analysts projections and delivered better-than-expected fourth-quarter earnings, as vehicle makers lapped up its driver-assistance technology.

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.