Mobileye beats quarterly profit estimates

FILE PHOTO: Mobileye logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Self-driving technology company Mobileye Global beat expectations for quarterly adjusted profit on Thursday as demand for its autonomous driving technology remained resilient in an uncertain economy.

On an adjusted basis, the company earned 28 cents per share in the fourth quarter, compared with analysts' forecast for a profit of 27 cents per share, according to LSEG data.

Shares of the company rose around 2% in premarket trading.

However, its quarterly revenue of $637 million missed analysts' estimate of $639.8 million.

(Reporting by Zaheer Kachwala in Bengaluru; editing by Milla Nissi)