UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549

                             FORM 10-Q

  (Mark One)

     X       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
    ---      OF THE SECURITIES EXCHANGE ACT OF 1934

             For the quarterly period ended June 30, 1998

                                   OR

    ---      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934


                  Commission File Number 0-511


                  COBRA ELECTRONICS CORPORATION
      (Exact name of Registrant as specified in its Charter)

       DELAWARE                         36-2479991
(State of incorporation)    (I.R.S. Employer Identification No.)

       6500 WEST CORTLAND STREET
       CHICAGO, ILLINOIS                          60707
(Address of principal executive offices)        (Zip Code)


Registrant's telephone number, including area code:(773) 889-8870

Securities registered pursuant to Section 12(g) of the Act:

          Common Stock, Par Value $.33 1/3 Per Share

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the 
Securities Exchange Act of 1934 during the preceding 12 months
or for such shorter period that the Registrant was required to 
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                        YES   X    NO       
                            -----     -----

Number of shares of Common Stock of Registrant outstanding at
August 12, 1998: 6,239,791
<PAGE>


PART I      FINANCIAL INFORMATION

Item 1.     Financial Statements

            Cobra Electronics Corporation and Subsidiaries
            Condensed Consolidated Statements of Operations
               (in thousands, except per share amounts)

<TABLE>
<CAPTION>
                          For the Three           For the Six 
                          Months Ended            Months Ended
                           (Unaudited)             (Unaudited)
                     --------------------    --------------------
<S>                  <C>         <C>         <C>        <C>
                     June 30,    June 30,    June 30,   June 30,
                       1998        1997        1998       1997
                     --------    --------    --------   --------
Net sales............$ 22,440    $ 29,472    $ 43,612   $ 47,387
Cost of sales........  16,976      23,776      33,897     38,179
                     --------    --------    --------    -------
  Gross profit.......   5,464       5,696       9,715      9,208

Selling, general and
  administrative    
  expense............   4,096       4,147       7,833      7,281
                     --------    --------    --------    -------
 Operating income....   1,368       1,549       1,882      1,927

Other income(expense):
  Interest expense...    (281)       (309)       (519)      (571)
  Other, net.........     178           9         138       (14) 
                     --------    --------    --------    -------
Income before
  taxes..............   1,265       1,249       1,501      1,342
Provision 
  for taxes..........     ---         ---         ---        ---
                     --------    ---------   ---------   --------
Net income...........$  1,265    $  1,249   $   1,501   $  1,342
                     ========    =========   =========   ========

Net income per common share:

        -Basic.......    0.20    $   0.20    $   0.24   $   0.21
        -Diluted.....    0.19        0.20        0.23       0.21  
                     ========    =========   =========  =========
Weighted average
  shares outstanding    

        -Basic.......    6,235       6,242       6,224      6,242 
        -Diluted.....    6,539       6,308       6,584      6,317 
                      =========   ========   =========  ========= 

Cash dividends.......   None        None       None       None
                      =========   ========   =========  =========

See notes to consolidated financial statements. 
</TABLE>
<PAGE>

        Cobra Electronics Corporation and Subsidiaries
             Condensed Consolidated Balance Sheets
                   (dollars in thousands)
<TABLE>
<CAPTION>
                             As of               As of
                             June 30,            December 31,
                             1998                1997 
                             (Unaudited)         
                             -------------       ------------
<S>                          <C>                 <C>
ASSETS:

Current assets:
  Cash.......................$          71       $      1,815 
  Receivables, less allowance
    for doubtful accounts of
    $759 at June 30, 1998,
    and $958 at December 31,
    1997......................      15,330             15,685
  Inventories, primarily
  finished goods..............      19,970             19,830
  Other current assets........       1,484              1,337
                              ------------       ------------
  Total current assets........      36,855             38,667
                              ------------       ------------
Property, plant and equipment,
  at cost:                                             
  Land........................         330                330
  Building and improvements...       3,601              3,553
  Tooling and equipment.......      12,074             11,264
                              ------------       ------------
                                    16,005             15,147
  Accumulated depreciation
    and amortization..........     (11,199)           (10,436)
                              -------------      -------------
  Net property, plant and
    equipment.................       4,806              4,711
                              ------------       ------------

Other assets..................       5,696              4,901
                              ------------       ------------
Total assets..................$     47,357       $     48,279
                              ============       ============

See notes to consolidated financial statements. 
</TABLE>
<PAGE>

             Cobra Electronics Corporation and Subsidiaries
                  Condensed Consolidated Balance Sheets
                          (dollars in thousands)
<TABLE>
<CAPTION>
                              As of               As of
                              June 30,            December 31,
                              1998                1997
                              (Unaudited)         
                              -----------         -----------
<S>                           <C>                 <C>
LIABILITIES AND SHAREHOLDERS'
   EQUITY:

Current liabilities:
  Accounts payable............$     2,904         $     3,637
  Accrued liabilities.........      5,203               7,743
  Short-term debt.............     11,850              10,995
                              -----------         -----------
  Total current liabilities...     19,957              22,375 
                              -----------         -----------

Long term liability:       
  Deferred compensation.......      2,172               2,231 
                              -----------          ----------     
 
Total liabilities.............     22,129              24,606
                              -----------          ----------

Shareholders' equity:
  Preferred stock, $1 par
    value, shares authorized-
    1,000,000; none issued....        ---                 ---
  Common stock, $.33 1/3 par
    value,12,000,000 shares
    authorized; 7,039,100
    issued and 6,234,791
    outstanding at June 30, 
    1998 and 6,217,791
    outstanding at December 31,
    1997......................      2,346               2,345

  Paid-in capital.............     20,616              20,681
  Retained earnings...........      7,775               6,272
                              -----------         -----------
                                   30,737              29,298
  Treasury stock, at cost.....     (5,509)             (5,625)
                              ------------        ------------
  Total shareholders' equity..     25,228              23,673
                              ------------        ------------

Total liabilities and share-
  holders' equity.............$    47,357         $   48,279
                              ============        ============

See notes to consolidated financial statements. 
</TABLE>
<PAGE>

           Cobra Electronics Corporation and Subsidiaries
           Condensed Consolidated Statements of Cash Flows
                        (dollars in thousands)
<TABLE>
<CAPTION>
                                     For the Six Months Ended
                                             (Unaudited)
                                 --------------------------------
                                   June 30,           June 30,
                                     1998               1997
                                 --------------     -------------
<S>                              <C>                <C>
Cash flows from operating
 activities:
Net income from operations          $   1,501           $ 1,342
Adjustments to reconcile net income
   from operations to net 
   cash used for
   operating activities:
   Depreciation and amortization          866             1,419
  Changes in assets and
      liabilities:                                
    Receivables..................         355            (5,974)  
    Inventories..................        (140)              406 
    Other current assets.........        (168)             (477)
    Other assets.................        (873)                5
    Accounts payable.............        (733)            2,149
    Deferred compensation........         (59)              ---  
    Accrued liabilities..........      (2,539)            1,064
                                      --------          ---------
Net cash used for
    operating activities.........      (1,790)              (66) 
                                      ---------         ---------
Cash flows from investing activities:
  Capital expenditures...........        (860)             (543)
                                      ---------         ---------
Net cash used for investing
    activities...................        (860)             (543)
                                      ---------         ---------
Cash flows from financing activities:
 Borrowing's under the line-of
    -credit agreement............      44,535            44,207
 Repayments under the line-of
    -credit agreement............     (43,680)          (43,094)
Transactions related to exercise
    of options, net..............          51                 2
                                      ---------         ---------
Net cash provided by                  
    financing activities.........         906             1,115
                                      --------          ---------
Net increase (decrease) in cash..      (1,744)              506
Cash at beginning of period......       1,815             2,606
                                      --------          ---------
Cash at end of period............          71           $ 3,112 
                                      ========          =========

Supplemental disclosure of cash flow information
    Cash paid during the year for:
        Interest                 $        520        $      571
        Taxes                               0               159  

See notes to consolidated financial statements. 
</TABLE>
<PAGE>

           Cobra Electronics Corporation and Subsidiaries
        Notes to Condensed Consolidated Financial Statements
                         (Unaudited)


The condensed consolidated financial statements included herein
have been prepared by the Company, without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although the Company
believes that the disclosures are adequate to make the
information presented not misleading.  The Condensed Consolidated
Balance Sheet as of December 31, 1997 has been derived from the
audited consolidated balance sheet as of that date.  It is
suggested that these financial statements be read in conjunction
with the financial statements and the notes thereto included in
the Company's latest annual report on Form 10-K.  In the opinion
of management, the information contained herein reflects all
adjustments necessary to make the results of operations for the
interim periods a fair statement of such operations.  All such
adjustments are of a normal recurring nature.  The results of
operations of any interim period are not necessarily indicative
of the results that may be expected for a fiscal year.

(1) PURCHASE ORDERS AND COMMITMENTS:

At June 30, 1998,the Company had outstanding purchase orders with
suppliers totaling approximately $28.0 million compared to $35.7
million as of June 30, 1997.

(2) NEW ACCOUNTING PRONOUNCEMENTS:

In 1997, the Financial Accounting Standards Board issued SFAS no.
130, "Reporting Comprehensive Income," and SFAS NO. 131,
"Disclosures about Segments of an Enterprise and Related
Information" and, in 1998 they issued SFAS No. 132, "Employers'
Disclosures about Pensions and Other Postretirement Benefits."
SFAS No. 130 establishes standards for reporting and display of
comprehensive income and its components. SFAS No. 131 establishes
standards for reporting information about operating segments and
related disclosures about products and services, geographic areas
and major customers. SFAS No. 132 revises current disclosure
requirements for employer's pensions and other retiree benefits. 
These standards are effective for years beginning after December
15, 1997. These standards expand or modify current disclosures
and accordingly, are not expected to have a significant impact on
the company's reported financial position, results of operations
and cash flows.

(3) Y2K:

The company initiated the process of preparing its computer
systems and applications for the Year 2000 in 1997. This process
involves modifying or replacing certain hardware and software
maintained by the company. Management expects to have
substantially all of the system and application changes completed
by the end of 1998 and believes its level of preparedness is
appropriate.

The total cost to the company of these Y2K compliance activities
has not been and is not expected to be material to its financial
position or results of operations in any given year. The costs
and the date on which the company plans to complete the Y2K
modification are based on management's best estimates, which were
derived using numerous assumptions of future events including the
continued availability of certain resources, third party
modification plans and other factors. However, there can be no
guarantee that these estimates will be achieved, and actual
results could differ from those plans.
<PAGE>

Item 2.  Management's Discussion and Analysis of Financial        
   Condition and Results of Operations


              ANALYSIS OF RESULTS OF OPERATIONS

Second Quarter 1998 vs. Second Quarter 1997:
--------------------------------------------
For the second quarter ended June 30, 1998, net income was $1.3
million compared to $1.2 million in the second quarter of 1997.
Diluted net income per share for the quarter was $0.19 versus
$0.20 for the second quarter of 1997 as diluted weighted average
common shares increased by over 200,000. Sales for the second
quarter of 1998 decreased $7.0 million, or 23.9%, to $22.4
million from $29.5 million for the same period a year ago. 
Mobile electronics decreased $5.2 million mainly because of a
decrease in sales of radar detectors to Russia, which had been a
significant contributor to the company's overall revenues in
1997. This decrease in sales to Russia reflected that country's
rapidly increasing economic problems, which impacted consumer
demand.  Partially offsetting the decrease in Russian sales was
an increase in domestic radar detector sales because of strong
demand for the company's new, proprietary line of 6 Band  radar
detectors. A drop in telecommunications product sales, because
remaining 25-channel inventories were phased out to make room for
the new line of 900MHz cordless telephones, also contributed to
the second quarter decrease in sales.

Gross margin for the second quarter of 1998 increased to 24.3%
from 19.3% the prior year's quarter. The increase in margin is
primarily due to a higher proportion of sales of Soundtracker 
CB radios and 6 Band detectors, which command premium prices in
the marketplace.

Selling, general and administrative expenses decreased $51,000 in
the second quarter of 1998 from the same period a year ago. 
However, these expenses increased as a percentage of sales as the
company continued to invest significantly in new product
development, retail account expansion and distribution channel
gains. Also, because selling expenses associated with
international sales, which accounted for the majority of the drop
in sales volume, are substantially lower in comparison to
domestic selling expenses, these expenses did not drop
proportionately. Offsetting these higher selling expenses was the
fact that, in the second quarter of 1997, the company recorded a
charge of $286,000 to reduce advertising credits to their net
realizable value.

Interest expense for the current quarter decreased $28,000
compared to the prior year's second quarter, primarily due to
lower borrowing costs because of a new credit agreement, which
the company entered into in February 1998.

Other income for the second quarter of 1998 was $178,000 compared
to other income of $9,000 in the prior year. Higher interest
income from the cash surrender value of life insurance was the
main contributor. 



Six Months 1998 vs. Six Months 1997
-----------------------------------

For the six months ended June 30, 1998, the company's net income
increased to $1.5 million, or $0.23 per diluted share, from net
income of $1.3 million, or $0.21 per diluted share for the year
earlier period. Sales for the six months ended June 30, 1998
decreased $3.8 million, or 8%, to $43.6 million from $47.4
million for the six months ended June 30, 1997. Mobile
electronics sales decreased 9.5% due mainly to lower radar
detector sales to Russia as mentioned above. Partially offsetting
the decrease was increased domestic sales of radar detectors and
sales of family radio service communicators and power inverters,
which were introduced in the second and third quarters of last
year. 

Gross margin increased to 22.3% for the six months ended June 30,
1998 from 19.4% in the prior year period primarily due to a
higher proportion of sales of Soundtracker CB radios and 6 Band
radar detectors, which command premium prices in the marketplace. 
 

Selling, general and administrative expenses increased $552,000
for the first half of 1998 from the same period a year ago, and,
as a percentage of net sales, increased to 18% from 15.4% for the
first half of 1997.  This was because the company has invested
significantly in new product development, retail account
expansion and distribution channel gains. Partially offsetting
the increase is the fact that, in the first half of 1997, the
company recorded a charge of $574,000 to reduce advertising
credits to their net realizable value.   

Interest expense for the period decreased $52,000 compared to the
prior year due to a more favorable bank agreement. 

Other income increased $152,000 for the six months ended June 30,
1998 mainly because of increased interest income on the cash
surrender value of life insurance. 
     


               LIQUIDITY AND CAPITAL RESOURCES
          
Operating activities used cash of $1.8 million during the six
months ended June 30, 1998.  The increase in receivables reflects
mainly a reduction in a reserve for a volume rebate, which
certain customers earned in 1997 by meeting certain sales goals
and which was paid during the first quarter of 1998. Accounts
payable decreased due to a decrease in unpaid letters of credit.
Accrued liabilities decreased primarily due to a decrease in
warranty reserves resulting from lower return rates and the lower
sales volume in the first half of 1998 compared to the last half
of 1997.   

Cash flow provided by and used for financing activities primarily
reflects changes in the company's borrowing requirements under
its line-of-credit agreement.  At June 30, 1998 the company had
approximately $9.2 million of unused credit line.   

During 1996, the company received notice from the Internal
Revenue Service asserting deficiencies in federal excise tax. The
excise tax relates to the use of ozone-depleting chemicals
("ODC'S"). The company had protested the deficiencies and had
filed an environmental excise tax protest. During the first
quarter of 1998, the company was notified by the Internal Revenue
Service that there are no deficiencies in the company's federal
excise tax returns and the contingency footnoted in the 1997 10-K
has been eliminated.     





                           PART II
                       OTHER INFORMATION


Items 1,  2,  3, and 5 Not Applicable
-------------------------------------


Item 4. Submission of Matters to a Vote of Security Holders
-----------------------------------------------------------

      a) The 1997 Annual Meeting of Shareholders was held on      
         May 12, 1998.   

      b) The following persons were elected as Class III          
         Directors of the Company to serve until the 2001 Annual  
         Meeting of Shareholders:

         Name                     Votes for       Votes withheld
         -------------            ---------       --------------
         William P. Carmichael    5,001,838            41,155
         Carl Korn                5,016,102            26,981    

         The Class I directors continuing in office until the     
         1999 Annual Meeting of Shareholders are James R. Bazet,  
         Jerry Kalov, and Harold D. Schwartz.
 
         The Class II directors continuing in office until the    
         2000 Annual meeting of Shareholders are Samuel B.        
         Horberg and Gerald M. Laures.

     c)  The Cobra Electronics Corporation 1998 Stock Option Plan
         was approved:

          Votes For          Votes Against      Votes Abstained 
          ---------          -------------      ---------------
          4,848,445             166,721                27,827

         Because brokers had discretionary authority to vote with 
         respect to each matter submitted to shareholders, no     
         broker non votes were tabulated. 

     d)  Not Applicable

Item 6.  Exhibits and Reports on Form 8-K
-----------------------------------------
     a)  Exhibits:

         Exhibit No.      Description
         -----------      ---------------------------------------
         27               Financial data schedule required under 
                          Article 5 of Regulation S-X


     b)  During the quarter, the Company filed no Current Reports 
         on Form 8-K.
<PAGE>



                            SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.


                             COBRA ELECTRONICS CORPORATION


                             By   /S/ Gerald M. Laures
                                  ------------------------     
                                  Gerald M. Laures
                                  Vice President - Finance,
                                  and Corporate Secretary


Dated: August 14, 1998
<PAGE>