Mobileye Global (MBLY.O), a self-driving technology company, exceeded Wall Street's expectations for quarterly revenue on Thursday. This was due to the increased demand for its driver-assistance processors, which was fueled by a rebound in car sales in China.
Intel (INTC.O) holds the majority stake in the company, which saw an 8.2% increase in shares prior to the opening bell.
Sales in the Chinese passenger vehicle industry experienced a 4.3% increase in September, reversing a five-month decline. This increase was facilitated by a government subsidy that was implemented as part of the country's broader stimulus program to encourage trade-ins.
China generates the majority of Mobileye's revenue.
According to data compiled by LSEG, the company earned 10 cents per share in the third quarter on an adjusted basis, which is consistent with the consensus analyst estimate.
Compared to the estimated revenue of $472.1 million, Mobileye reported $486 million.