Mobileye Beats First-Quarter Revenue Estimates

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Mobileye Beats First-Quarter Revenue Estimates

Reuters04-25

April 25 (Reuters) - Self-driving technology firm Mobileye Global beat market expectations for quarterly revenue on Thursday as it benefited from higher orders for its driver assistance chips amid a wave of investment in automation by carmakers.

The company reported first-quarter revenue of $239 million, compared with analysts' average estimate of $231.6 million, according to LSEG data.

The results signal that demand for Mobileye's chips has remained resilient even though the company warned at the start of the year that a pull-back in orders would hit results.

The company's net loss widened to $218 million in the quarter from $79 million a year ago.

The shares gained 2.8% in premarket trading.

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