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(Reuters) – Mobileye Global Inc beat revenue estimates for the fourth quarter on Thursday, driven by strong demand for its driver-assistance technology as manufacturers and fleet operators look to add more functionality to their vehicles.
Revenue jumped 59% to $565 million in the quarter ended Dec. 31 for Mobileye, which provides autonomous driving technology. Analysts were expecting $535.82 million, according to Refinitiv data.
The automotive industry is increasingly adopting sophisticated camera systems and sensors that assist in safe driving and could one day be the foundation for fully-autonomous driving.
The higher adoption is also due to a surge in sales of electric vehicles, which already come equipped with technologies similar to the ones offered by Mobileye.
In the fourth quarter, Mobileye reported a net income of $30 million, or 4 cents per share. It had suffered a loss of $53 million, or 7 cents per share, last year.
Mobileye, which was taken private by Intel Corp in 2017, raised $861 million in its second initial public offering in October last year.
The company, majority owned by Intel, counts Volkswagen Group, Ford Motor Co and General Motors Co among its customers.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Shinjini Ganguli)