Israeli company Mobileye(NYSE: MBLY), which develops vision and data analysis for advanced driver assistance systems and autonomous driving, saw its share price fall 5% on the NYSE, despite beating the analysts forecasts in its second quarter results.
The Jerusalem-based company reported revenue of $52.8 million, above the analysts forecast of $48 million. GAAP net profit for the second quarter of 2015 was $15.3 million ($0.06 per share) up from $0.2 million (breakeven per share) basis for the corresponding quarter of 2014.. Non-GAAP net profit for the second quarter of 2015 was $23.7 million ($0.10 per share) up from $11.2 million ($0.05 per share) in the corresponding quarter.
"The second quarter demonstrated continued strong performance, highlighted by new EyeQ3 launches and increased demand for existing programs," said Mobileye co-founder, president and CEO Ziv Aviram. "During the quarter, we saw further support for regulatory implementation of ADAS and continued customer interest in the adoption of autonomous driving. Looking forward, Mobileye will continue to develop innovative technologies to maintain our leadership position and benefit from the accelerating autonomous industry trends."
The company's share price fell 5% to $56.51 on the NYSE, giving a market cap of $12.24 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on August 6, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015
Published by Globes [online], Israel business news - www.globes-online.com - on August 6, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015