Mobileye beats quarterly revenue estimates

(Reuters) -Mobileye Global beat Wall Street expectations for third-quarter revenue on Thursday, as automakers ramped up orders of the company's driver-assisted chips in a rush to adopt autonomous software. The company reported third-quarter revenue of $504 million, beating estimates of $480.9 million, according to data compiled by LSEG. Mobileye is seeing a surge in demand for its self-driving systems after a prolonged slump as its customers' inventory clears. The company's customers had stocked up to avoid a shortage during the pandemic. The company has previously flagged good revenue potential from the robotaxi industry as several firms look to develop their own autonomous taxi business and grab a larger portion of the market. Mobileye also raised the lower end of its annual revenue forecast. It now expects annual revenue of between $1.85 billion and $1.89 billion, compared with its prior projection of between $1.77 billion and $1.89 billion. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Leroy Leo)

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