Mobileye NV, one of the emerging providers of vision technology and software for crash-avoidance systems, said its net income surged in the second quarter as the auto industry continues to ramp up plans for autonomous cars.
The Israeli company posted net income of $15.3 million using traditional accounting methods, compared with a gain of $189,000 a year earlier. Using nontraditional accounting often used by technology firms, the company said net income more than doubled to $23.7 million.
Revenue surged 57 percent to $53 million.
“During the quarter, we saw further support for regulatory implementation of automated driving assistance systems and continued customer interest in the adoption of autonomous driving,” CEO Ziv Aviram said in a statement Thursday.
The company raised its annual revenue prediction to the $235 million-$239 million range from $217 million-$218 million.
Mobileye shares have rebounded strongly since swooning in late 2014 and early 2015. The stock, which dropped to about $34 in March, closed at $59.11 today and after hitting an all-time intraday high of $63.17 last month. The company went public a year ago.
Mobileye’s products are used in vehicles of 23 automakers worldwide, including BMW, Ford, General Motors, Nissan, Tesla and Volvo, the company has said. GM was the company’s largest automaker customer, accounting for 30 percent of its automotive revenue, according to Mobileye’s 20-F annual report.
Mobileye also supplies software to numerous Tier 1 suppliers such as Autoliv, Delphi, TRW and Valeo.
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