Shares of Mobileye (NASDAQ: MBLY) gained by more than 7% in pre-market trading on Thursday after the company reported Q4 adjusted earnings of $0.27 per share, which beat handily analysts’ consensus estimate of $0.17.
The autonomous driving and driver-assistance technologies (ADAS) company saw its revenues surge 59% year over year to $565 million surpassing consensus estimates by $29.7 million.
The rise in revenues was driven by advanced ADAS products that resulted in MBLY’s Average System Price (ASP) increasing to $56.2 in Q4 versus $48.3 in the same period a year back.
More importantly, the company stated that its business backlog continues to be on an uptick with 2022 ADAS (including SuperVision) design wins “projected to generate future revenue of $6.7 billion across 64 million units by 2030.”
Looking forward, in FY23 management now expects revenue to be in the range of $2.19 billion to $2.3 billion while adjusted operating income is projected to be between $577 million and $627 million.
Overall, Wall Street analysts are bullish about MBLY stock with a Strong Buy consensus rating based on 15 Buys and three Holds.