Mobileye Global Inc. forecast higher-than-expected earnings for fiscal year 2023 than analysts expected, and posted better-than-expected earnings in the fourth quarter.
The company benefits from the increasing adoption of advanced camera systems and sensors by the automotive industry to aid safe driving.
Earlier this month, founder and CEO Amnon Shashua said Mobileye has a revenue pipeline of more than $17 billion by 2030 from its core Advanced Driver Assistance Systems (ADAS) products. rice field.
The company is driving adoption of SuperVision, a nearly fully autonomous system, and has drawn interest in Chauffeur, a turnkey product that transforms any vehicle into a Level 4 self-driving vehicle.
“We expect SuperVision to be a very big growth driver from 2023 onwards,” Shashua said in a post-earnings conference call with analysts, noting that the product is priced higher than other products. added.
Mobileye, which is majority-owned by Intel, expects full-year 2023 revenue of $2.19 billion to $2.28 billion. The midpoint of the range was above his average analyst estimate of $2.21 billion, according to Refinitiv data.
The company’s shares rose more than 4% in early trading.
Automotive chip and ADAS supplier ST Microelectronics NV also beat its fourth quarter sales and earnings forecasts, with the US listed stock gaining 7.5%.
Mobileye typically presents a conservative outlook, with investors expecting it to hit the high end of its outlook for fiscal 2023, Evercore ISI said in a memo.
The company raised $861 million in its second IPO in October and was spun off by Intel after going private in 2017.
According to Refinitiv, revenue increased 59% to $565 million in the quarter ended Dec. 31, beating analyst estimates of $535.82 million. Mobileye reported adjusted earnings per share of 27 cents, compared to consensus expectations of 17 cents.