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Mobileye Q4 profit beats estimates, revenue jumps
February 22, 2017 / 1:44 PM / 10 months ago

Mobileye Q4 profit beats estimates, revenue jumps

TEL AVIV (Reuters) - Mobileye, which develops camera-based systems to help drivers avoid collisions, posted better than expected quarterly earnings on Wednesday, a day after it forged a major deal with BMW Group.

The Israel-based company reported fourth-quarter net profit excluding items of 22 cents a share, compared with 15 cents a year earlier. Revenue grew 46 percent to $104.6 million.

The company was forecast to earn 20 cents a share on revenue of $96.4 million, according to Thomson Reuters I/B/E/S. 

Mobileye accounts for 70 percent of the market for advanced driver assistance systems. It clinched a deal with Volkswagen last week to cooperate on a road navigation system for autonomous driving. 

On Tuesday, it signed a deal with BMW to install Mobileye’s data generation technologies in BMW cars starting with 2018 models.

Revenue in fiscal year 2017 rose 48.7 percent to $358.2 million.

“We expect continued growth in 2017,” said CEO Ziv Aviram, noting Mobileye’s advanced driver assist systems won deals with 11 carmakers last year.

Reporting by Yuval Ben-David,; Editing by Steven Scheer

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