By Will Feuer

Mobileye Global Inc. swung to a profit in the fourth quarter as sales volume grew.

The self-driving car company, which was spun out from Intel Corp. last year, posted a fourth-quarter profit of $30 million, or 4 cents a share, compared with a loss of $53 million, or 7 cents a share, in the same period a year earlier.

Stripping out one-time items, including stock-based compensation and amortization, adjusted earnings came to 27 cents a share. Analysts surveyed by FactSet were expecting adjusted earnings of 17 cents a share.

Revenue surged 59% to $565 million in the quarter from a year earlier, topping the company's own guidance and the $530 million expected by Wall Street, according to FactSet.

For 2023, the company expects revenue of $2.192 billion to $2.282 billion. Analysts surveyed by FactSet are expecting 2023 revenue of $2.207 billion.

"As planned, we will continue to invest heavily (while maintaining strong profitability) during 2023 to productize and launch our advanced solutions as my confidence level on delivering high returns to all stakeholders has never been higher," Chief Executive Amnon Shashua said.

Shares rose almost 5% to $35.54 in the pre-market session.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 26, 2023 07:11 ET (12:11 GMT)

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