: Mobileye’s stock pops 4% premarket after earnings top estimates

Mobileye Global Inc.’s stock MBLY rose 4% in premarket trade Thursday, after the provider of technology for self-driving cars posted better-than-expected adjusted second-quarter earnings. The company had a net loss of $28 million, or 4 cents a share, for the quarter, wider than the loss of $7 million, or 1 cent a share, posted in the year-earlier period. Adjusted per-share earnings came to 17 cents, ahead of the 12 cent FactSet consensus. Revenue fell 1% to $454 million from $460 million, but was also ahead of the $451 million FactSet consensus. “Future business highlights of the quarter included tangible evidence of the depth of our relationship with VW Group and an expansion of meaningful engagements for our advanced portfolio to 9 large OEMs,” Chief Executive Prof. Amnon Shashua said in a statement. “VW Group’s engagement across our entire product portfolio is quite encouraging as it underlines the scalability and flexibility of Mobileye’s technology platform and is a template we are pursuing with other key customers.” The stock has gained 15% in the year to date, while the S&P 500 SPX has gained 19%.

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