Mobileye (MBLY) Stock Gains on Earnings Beat

NEW YORK (TheStreet) -- Shares of Mobileye (MBLY) were gaining 3.5% to $47.42 Monday after the camera-based Advanced Driver Assistance Systems maker beat analysts' estimates for earnings in the first quarter.

Mobileye reported earnings of 8 cents a share for the first quarter, above analysts' estimates of 7 cent a share for the quarter. Revenue grew 27.9% year over year to $45.58 million for the quarter, beating analysts' estimates of $44.23 million.

OEM revenue grew to $36.6 million for the quarter, up from $31.8 million in the year-ago quarter. After market revenue grew to $9 million for the first quarter from $3.8 million in the first quarter of 2014.

"The first quarter marked a strong start to the year, highlighted by two significant new program wins that will include our EyeQ4 chip, demonstrating the ongoing demand for our state-of-the-art technology, which bundles multiple applications into a single package," Co-Founder, President, and CEO Ziv Aviram said in a statement.

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