Mobileye (NASDAQ:MBLY) and STMicro (NYSE:STM) surged in premarket trading on Thursday following strong fourth-quarter results and forecasts, paving the way for gains for the semiconductor industry.

Mobileye (MBLY) gained more than 6% after the Israeli-based autonomous vehicle technology company said it earned an adjusted 27 cents per share on $565M in revenue, topping estimates of 17 cents per share and $535.3M in revenue.

The company said its advanced driver assistance systems had an average system price of $56.20 in the fourth-quarter, up from $48.30 in the year-ago period.

In addition, Mobileye (MBLY) said its future backlog continues to grow as its 2022 advanced driver assistance system design wins are projected to generate $6.7B in revenue across 64M units by 2030.

Looking ahead to 2023, Mobileye (MBLY), which was spun off by Intel (INTC) in late 2022 but is still majority owned by the chip giant, said it expects full-year revenue to be between $2.19B and $2.228B.

Intel (INTC) is set to report fourth-quarter results after the close of trading on Thursday.

STMicroelectronics (STM) jumped more than 5% after the European chipmaker posted strong fourth-quarter results, aided in part by automotive and industrial customers.

STMicroelectronics (STM) earned $1.32 per share on $4.442B in revenue, topping estimates of $1.13 per share and $4.41B in revenue.

The company said gross margins and operating margins were 47.5% and 29.1% during the period, respectively.

Looking ahead, STMicroelectronics (STM), which counts Apple (AAPL) as one of its customers, said it expects first-quarter revenue to be around $4.2B and gross margin of 48%.

STMicroelectronics (STM), which competes with Texas Instruments (TXN), said it expects full-year revenue to be between $16.8B and $17.8B.

Texas Instruments (TXN) rebounded fractionally in early trading on Thursday after it reported fourth-quarter results and issued a weak outlook on Wednesday.

Lam Research (NASDAQ:LRCX) shares fell slightly more than 1% in premarket trading on Thursday after the chip equipment maker announced fiscal second-quarter results and said it would cut its workforce by 7%, or roughly 1,300 employees.

Lam Research (LRCX) said it earned an adjusted $10.71 per share on $5.28B in revenue, topping estimates of $10 per share in earnings and $5.08B in revenue. Adjusted gross margin and operating margins during the period were 45.1% and 32.1%, respectively.

However, the company issued a disappointing outlook for the fiscal third-quarter, as it expects revenue to be $3.8B, below the consensus estimate of $4.31B. Earnings per share are expected to be $6.50, below the $7.73 analysts were expecting.

Competitors KLA Corp. (KLAC) and Applied Materials (AMAT) were mixed in early morning trade following the results.

Wolfspeed (NYSE:WOLF) dropped more than 6% after it reported mixed fiscal second-quarter results.

Excluding one-time items, Wolfspeed (WOLF) lost 11 cents per share on $216.1M in revenue, compared to analyst estimates of a loss of 14 cents per share on $226.78M in sales.

Adjusted gross margins during the period were 33.6%, compared to expectations of 35.4%. The company did add, however, that it had quarterly design wins of $1.5B.

Looking to the third-quarter, Wolfspeed (WOLF) expects revenue to be between $210M and $230M.

Industry stalwarts AMD (AMD), Nvidia (NVDA) and Qualcomm (QCOM) were higher in early trading, with the trio slated to report quarterly results in the coming days.

Investment firm Deutsche Bank started coverage on Mobileye (MBLY) earlier this month, adding that it is “ahead of the curve.”