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Mobileye gives upbeat outlook in first earnings report since Intel spinoff

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Mobileye Global Inc.
MBLY,
-3.21%
issued an upbeat revenue forecast Wednesday in conjunction with its first earnings report since spinning back out of Intel Corp.
INTC,
-1.95%
this fall. The company generated a fiscal third-quarter net loss of $45 million, or 6 cents a share, compared with a loss of $26 million, or 3 cents a share, in the year-earlier period. Revenue rose to $450 million from $326 million, while the FactSet consensus was for $447 million. Mobileye’s implied fiscal fourth-quarter outlook calls for $527 million to $545 million in revenue. The FactSet consensus was for $483 million in revenue. Chief Executive Amnon Shashua said in a release that the company’s “established base” advanced driver-assistance system (ADAS) products “continue to generate strong growth and profitability while our advanced portfolio is beginning to contribute significantly, particularly by boosting average system price.” Shares have risen 18% over the past month as the S&P 500 [S: SPX] has gained about 4%.

Credit: marketwatch.com

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