Mobileye Reports Jump In Quarterly Profits
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The Israel-based self-driving vehicle technology firm Mobileye reported a notable jump in quarterly profit last quarter that eclipsed earlier estimates — primarily as a result of increasingly strong sales of its advanced driver assisted systems.
These increasing sales figures were likely aided by the firm’s increasing presence in the media — especially announcements of big contracts with several major automakers, which are apparently eager to use its proprietary high-definition mapping tech for their own progress.
Reuters provides more: “The Israeli-based company, which is in the process of being acquired by Intel Corp, said on Thursday it earned 25 cents per diluted share excluding one-time items in the first quarter, up from 15 cents a share a year earlier. Revenue rose 66% to $124.7 million. Mobileye was forecast to have earned 24 cents on revenue of $118.1 million, according to Thomson Reuters I/B/E/S.
“In March, Intel agreed to buy Mobileye, which develops camera-based systems to help drivers avoid collisions, for $15.3 billion in a deal that promises to escalate the arms race among the world’s carmakers and suppliers to acquire autonomous vehicle technology.
“In light of the pending transaction, Mobileye said it would not hold an earnings conference call and will not provide an outlook for its financial results for future period.”
With regard to the comments earlier in the article about multiple major auto manufacturers signing up to share data obtained with Mobileye’s camera-equipped advanced driver assistance systems, in order to create unmatched HD maps for self-driving cars, it’s perhaps worth highlighting that these agreements cover the diverse giants Volkswagen Group, Nissan, and BMW.
Related: Intel Acquiring Mobileye For ~$15 Billion (New Record)
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