Mobileye Global Inc.’s stock (MBLY, +0.12%) rose 4% in premarket trade Thursday, following the release of their better-than-expected adjusted second-quarter earnings. Despite reporting a net loss of $28 million, or 4 cents per share, for the quarter — wider than the year-earlier loss of $7 million, or 1 cent per share — Mobileye delivered on their per-share earnings with 17 cents, surpassing the 12 cent FactSet consensus. Although revenue decreased 1% to $454 million from $460 million, it still managed to outperform the $451 million FactSet consensus.
Strong Collaborations and Expanding Portfolio
Mobileye’s CEO, Prof. Amnon Shashua, highlighted some significant achievements during the quarter. One standout accomplishment was the company’s strengthened partnership with VW Group, along with an expansion of meaningful engagements with 9 large original equipment manufacturers (OEMs) for their advanced portfolio. Prof. Shashua expressed excitement about VW Group’s involvement across Mobileye’s entire product lineup, underlining the scalability and flexibility of Mobileye’s technology platform. He also mentioned that they are actively pursuing a similar template with other key customers.
Positive Stock Performance
Mobileye’s stock has shown a promising growth of 15% year-to-date, outperforming the S&P 500, which has gained 19% during the same period.