Israeli driver assistance systems and collision avoidance developer Mobileye(NYSE: MBLY) beat the analysts with impressive third quarter financial results that saw revenue double and non-GAAP profit quadruple.
The Jerusalem-based company reported third quarter revenue of $70.6 million, up 104% from $34.7 million in the corresponding quarter of 2014. GAAP net profit for the third quarter of 2015 was $24.2 million ($0.10 per share), compared with a GAAP net loss of $13.1 million ($0.09 per share) for the corresponding quarter of 2014. Non-GAAP net profit for the third quarter of 2015 was $34.9 million ($0.15 per share), up from non-GAAP net profit of $9.7 million ($0.04 per share) in the corresponding quarter of 2014.
Mobileye co-founder, president and CEO Ziv Aviram said, "Our third quarter results highlight the growing interest from OEMs, consumers and regulatory agencies to include advanced safety features in vehicles. We launched new programs with autonomous emergency braking, a feature being standardized around the world, and recently released semantic free-space and holistic path prediction, the most innovative vision technologies for road scene interpretation. Our commitment to innovation, ability to add successful program launches and provide best-in-class technologies for autonomous driving further strengthens our leadership in the ADAS and autonomous driving market."
Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2015
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