Earnings Beat Expectations
Revenue was $508 million, roughly flat from a year earlier but above the analyst consensus estimate of $481.24 million, according to Benzinga Pro.
The company said results benefited from a 3% increase in system shipments driven by stronger customer demand, partly offset by lower average selling prices for EyeQ chips due to higher-than-expected export volumes from Chinese automakers.
Adjusted diluted earnings were 19 cents per share, topping analysts’ estimate of 6 cents per share. GAAP diluted loss was 3 cents per share.
Adjusted operating income rose 46% to $155 million, while adjusted operating margin expanded to 31% from 21% a year earlier. Adjusted net income increased 52% to $155 million.
