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 March 31, 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 May
11, 1998: 6,218,416

<PAGE>

PART I      FINANCIAL INFORMATION

Item 1.     Financial Statements

            Cobra Electronics Corporation and Subsidiaries
            Condensed Consolidated Statements of Income
               (in thousands, except per share amounts)
<TABLE>
<CAPTION>
                                     For the Three Months Ended
                                              (Unaudited)
                                     --------------------------
<S>                                     <C>          <C>
                                        March 31,    March 31,
                                          1998         1997
                                        ---------    ---------

Net sales...........................    $ 21,172    $  17,915
Cost of sales.......................      16,921       14,403
                                        ---------    ---------
 Gross profit.......................       4,251        3,512

Selling, general and
 administrative expense.............       3,737        3,134
                                        ---------    ---------
 Operating income...................         514          378

Other income (expense):
  Interest expense..................        (238)        (262)
  Other income (expense), net.......         (39)         (23) 
                                        ---------    ---------
Income before taxes.................          237           93
Income taxes........................          ---          ---
                                        ---------    ---------
Net income .........................    $     237     $     93    
                                         =========    =========   

Net income per common share                                       
 Basic...............................    $   0.04     $   0.01
                                         
 Diluted.............................    $   0.04     $   0.01
                                         
Weighted average shares outstanding
 Basic..............................        6,218        6,242
 
 Diluted............................        6,625        6,332
                                        

Cash dividends......................        None        None     
                                        
See notes to condensed consolidated financial statements.
</TABLE>
<PAGE>


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

Current assets:
  Cash........................  $      343          $    1,815 
  Receivables, less allowance
    for doubtful accounts of
    $714 at March 31, 1998,
    and $958 at December 31,
    1997......................      16,179              15,685
  Inventories, primarily
    finished goods............      20,689              19,830
  Other current assets........       1,496               1,337
                               ------------        ------------
  Total current assets........      38,707              38,667
                               ------------        ------------

Property, plant and equipment,
  at cost:
  Land........................         330                 330
  Building and improvements...       3,553               3,553
  Tooling and equipment.......      11,641              11,264
                               ------------        ------------
                                    15,524              15,147
  Accumulated depreciation
    and amortization..........     (10,808)           (10,436)
                               ------------        ------------
  Net property, plant and
    equipment.................       4,716               4,711
                               ------------        ------------

Other assets..................       5,197               4,901
                               ------------        ------------
Total assets..................  $   48,620         $    48,279
                               ============        ============

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





             Cobra Electronics Corporation and Subsidiaries
                  Condensed Consolidated Balance Sheets
                          (dollars in thousands)
<TABLE>
<CAPTION>
                                  As of                As of
                                 March 31,         December 31,
                                   1998                1997
                                (Unaudited)        
                               ------------        ------------
<S>                            <C>                 <C>
LIABILITIES AND SHAREHOLDERS'
   EQUITY:
Current liabilities:
  Accounts payable............ $     2,776         $     3,637
  Accrued liabilities.........       6,699               7,743
  Short-term debt.............      13,059              10,995
                               ------------        ------------
  Total current liabilities...      22,534              22,375
                               ------------        ------------
Long-term liability:
 Deferred Compensation........       2,172               2,231
                               -----------         ------------
Total Liabilities:............      24,706              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 6,218,416
    outstanding at March 
    31, 1998 and 6,217,791
    outstanding at December 31,
    1997......................       2,345               2,345
  Paid-in capital.............      21,319              20,681
  Retained earnings...........       6,511               6,272
                               ------------        ------------
                                    30,175              29,298
  Treasury stock, at cost.....      (6,261)             (5,625)
                                 
                               ------------        ------------
  Total shareholders' equity..      23,914              23,673
                               ------------        ------------
Total liabilities and share-
  holders' equity............. $    48,620          $   48,279
                               ============        ============

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


           Cobra Electronics Corporation and Subsidiaries
           Condensed Consolidated Statements of Cash Flows
                        (dollars in thousands)
<TABLE>
<CAPTION>
                                     For the Three Months Ended
                                             (Unaudited)
                                 --------------------------------
                                      March 31,         March 31,
                                        1998              1997
                                     ----------        ----------
<S>                                   <C>               <C>
Cash flows from operating activities:
Net income from operations            $    237          $     93
Adjustments to reconcile net income
   from operations to net cash
   provided by (used for)
   operating activities:
  Depreciation and amortization            422               712
  Changes in assets and liabilities:                              
    Receivables..................         (494)              925
    Inventories..................         (859)           (1,483)
Other current assets.............         (172)             (120)
    Other assets.................         (337)             (104)
    Accounts payable.............         (861)              787
    Accrued liabilities..........       (1,103)              317
                                     ----------        ----------
  Net cash flows from (used for)
     operating activities........       (3,167)            1,127
                                     ----------        ----------

Cash flows from investing activities:
   Capital expenditures...........        (372)              (30) 
                                     ----------        ----------
  Net cash flows used for investing
    activities...................         (372)              (30)
                                     ----------        ----------
Cash flows from financing activities:
 Borrowings under the line-of              
    -credit agreement.............      24,242            19,106
 Repayments under the line-of
    -credit agreement.............     (22,177)          (21,369) 
 Transactions related to exercise
    of common stock options, net.            2                 2 
                                     ----------        ----------
Net cash flows from (used for)        
    financing activities.........        2,067            (2,261)
                                     ----------        ----------
Net decrease in cash.............       (1,472)           (1,164)
Cash at beginning of period......        1,815             2,606
                                     ----------        ----------
Cash at end of period............      $   343           $ 1,442 
                                     ==========        ==========

Supplemental disclosure of cash flow information
Cash paid during the period for:
      Interest                         $   290           $   283
      Taxes                                  0               135
See notes to condensed 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 March 31, 1998, the Company had outstanding purchase orders
with suppliers totaling approximately $20.9 million compared to
$35.7 million as of March 31, 1997.
<PAGE>


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


               ANALYSIS OF RESULTS OF OPERATIONS

First Quarter 1998 vs. First Quarter 1997:
------------------------------------------

Sales for the first quarter of 1998 increased by $3.3 million or
18.2% to $21.2 million compared to $17.9 million for the first
quarter of 1997. Contributing to the sales increase was higher
mobile electronic products sales, which increased 7.9% from the
first quarter of 1997, due to an increase in sales of CB radios
and sales from three new products: 6 Band Detectors, which just
started to ship at the end of the first quarter, and Family Radio
Service two-way radios and power inverters, which were introduced
in the second half of 1997.  Partly offsetting these increases
was lower international sales of radar detectors. Also
contributing to the sales increase was higher telecommunications
product sales, which were up $2.1 million. This increase was due
to the sale of two Caller ID models, which were introduced in the
second half of 1997, as well as to a large sale to Sprint, which
took all of the remaining Sprint-brand Intenna cordless phone.

Gross margins improved to 20.1% in the current quarter from
19.6%, primarily due to stronger margins on Soundtracker CB
radios and 6 Band detectors, which command a premium price in the
market place. The overall margin increase was partially offset by
lower telecommunications margins due to intense pricing pressures
on 25-channel products in the market place because of price drops
on 900 Mhz phones.

Net selling, general and administrative expenses increased
$603,000 in the first quarter of 1998 from the same period a year
ago, and as a percentage of net sales was 17.7% compared to 17.5%
for the first quarter of 1997. Fixed and variable selling
expenses increased by $830,000 due to an increase in volume and
because more investments are being made in promotional programs
in order to secure increased placement and sales volume.
Partially offsetting the increases is the fact that, in the first
quarter of 1997, the company recorded a charge of $288,000 to
reduce advertising credits to their net realizable value.       

Interest expense for the current quarter decreased $24,000
compared to the prior year's first quarter, primarily due to
lower borrowing costs because of a new credit agreement.


               LIQUIDITY AND CAPITAL RESOURCES

Operating activities used cash of $3.2 million during the first
<PAGE>
quarter of 1998.  The increase in receivables reflects mainly a 
reduction in a volume rebate reserve which certain customers
earned in 1997 by meeting certain sales goals and which was paid
during the first quarter of 1998.  Inventories increased due to
lower than anticipated first quarter sales.  Accounts payable
decreased due to less purchases. Other accrued liabilities
decreased because bonus and profit sharing amounts that were
accrued in 1997 were paid in the first quarter of 1998. Debt
increased $2.1 million during the first quarter and, at March 31,
1998, the company had approximately $7.7 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, 4 and 5 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   
                                  ------------------------     
                                  Gerald M. Laures
                                  Vice President - Finance,
                                  and Corporate Secretary


Dated: May 12, 1998
<PAGE>