Mobileye (MBLY 62.00, +0.10) has added 0.2% in pre-market after reporting better than expected results for the first quarter.
Mobileye is in the process of being acquired by Intel, which will expand Intel's reach into the autonomous driving space. This space is currently crowded with multiple companies vying for dominance and Mobileye is among the leaders. Based on current agreements, its technology is or will be integrated into vehicles from more than 25 automakers around the world. Mobileye also offers an aftermarket warning-only system that can be retrofitted to vehicles by end-users.
The technology company reported above-consensus first quarter earnings of $0.25 per share on a 65.8% year-over-year spike in revenue to $124.70 million, which was also ahead of market expectations.
OEM revenue made up $94.50 million or 75.8% of the total. This was up 54.0% year-over-year. New launches and expansion of the technology to more models drove the increase in OEM revenue. Aftermarket revenue grew to $30.20 million from $13.80 million one year ago. EyeQ chip volume grew to 2,032,000 units from 1,322,000 units one year ago. EyeQ Average Selling Price increased to $45.10 from $44.20 one year ago. Gross margin improved to 75.73% from 75.34% one year ago.