Tuesday, 31 January 2023 17:23

Mobileye outperforms expectations, $2 billion revenues seen for 2023

JERUSALEM, Israel: As demand for its driver-assistance technology rises among vehicle-makers, Mobileye Global is forecasting revenues for the 2023 fiscal year to be higher than analysts’ projections.

It also reported better-than-expected earnings in the fourth quarter, as the automotive industry’s increasing adoption of sophisticated camera systems and sensors that assist in safe driving has benefited the company.

Mobileye’s founder and Chief Executive Officer Amnon Shashua said that the company has a revenue pipeline of over $17 billion through 2030 for its core advanced driver-assistance system products.

The company is also promoting the adoption of "SuperVision," its near-fully autonomous system, as well as gathering interest for "Chauffeur," a turn-key product that can turn any vehicle into a Level 4 self-driven vehicle.

"We expect SuperVision to be a very large growth driver in 2023 and beyond," Shashua said, adding that it retails at a higher price than other products.

Mostly owned by Intel, Mobileye predicts full-year 2023 revenues of between $2.19 billion and $2.28 billion.

In a note, Evercore ISI said that Mobileye’s investors will expect it to deliver at the upper end of its fiscal 2023 outlook, noting that the company usually offers conservative forecasts.

Mobileye reported adjusted earnings per share of 27 cents, compared with the consensus estimate of 17 cents.