(Reuters) -Self-driving tech firm Mobileye Global topped Wall Street expectations for quarterly revenue on Thursday as a rebound in car sales in China led to improved demand for its driver-assistance chips.
Shares of the company, which is majority-owned by Intel, were up 8.2% before the bell.
The Chinese passenger vehicle industry snapped a five-month decline, with sales rising 4.3% in September, helped by a government subsidy to encourage trade-ins as part of the country’s broader stimulus package.
Mobileye gets the biggest share of its revenue from China.
On an adjusted basis, the company earned 10 cents per share in the third quarter, in line with the average analyst estimate, according to data compiled by LSEG.
Mobileye reported revenue of $486 million, compared with estimates of $472.1 million.
(Reporting by Rishi Kant in Bengaluru; Editing by Shounak Dasgupta)
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