UPDATE: Mobileye Posts Higher Q2 Revenue

Shares of Mobileye NV

dropped more than 3.5% in pre-market trading after the company released second-quarter results. The Jerusalem, Israel-based company posted quarterly net income of $0.2 million, or $0.00 per share, versus a year-ago profit of $4 million, or $0.02 per share. Its non-GAAP earnings per share came in at $0.05. Its revenue surged 91% to $33.7 million from $17.7 million. However, analysts were expecting earnings of $0.05 per share on revenue of $33.14 million. Mobileye's original equipment manufacturing revenue jumped 115% to $28.8 million, while after market revenue rose 14% to $4.9 million. As of June 30, 2014, the company had cash, cash equivalents and short-term investments of $149.0 million, versus $124.4 million as of December 31, 2013. Mobileye generated $23.4 million in net cash from operating activities for the quarter. "The second quarter results highlight the strength of our unique business model. Our strong revenue growth was driven by continued robust market demand resulting from the ongoing move toward regulating ADAS as well as the value proposition of our innovative solution, which bundles multiple applications into a single package," stated Ziv Aviram, co-founder, president and chief executive officer of Mobileye. Mobileye shares fell 3.66% to $45.25 in pre-market trading.