UPDATE: Mobileye Shares Gain After Upbeat Sales

Shares of Mobileye

gained around 4.5% in pre-market trading after the company reported upbeat third-quarter sales. However, the company reported in-line quarterly earnings. The Jerusalem, Israel-based company posted a quarterly loss of $13.1 million, or $0.09 per share, versus a year-ago loss of $228.8 million, or $6.09 per share. Excluding non-recurring items, the company earned $0.04 per share. Its revenue climbed 70% to $34.7 million. However, analysts were expecting earnings of $0.04 per share on revenue of $30.3 million. Original equipment manufacturing sales gained 60% to $28.8 million. As of September 30, 2014, the company had cash, cash equivalents and short-term investments of $349.2 million, versus $149.0 million as of June 30, 2014. "We are pleased with our strong third quarter results, driven by the ongoing demand for our complex technology," stated Ziv Aviram, co-founder, president and chief executive officer of Mobileye. Mobileye shares rose 4.51% to $48.86 in pre-market trading.