Astera Labs Inc (NASDAQ:ALAB) reported financial results for the first quarter after the bell on Tuesday. Here’s what you need to know from the report.
- Astera Labs stock is showing exceptional strength. Why is ALAB stock surging?
Astera Labs Q1 Highlights
Astera Labs reported first-quarter revenue of $308.36 million, beating analyst estimates of $292.23 million, according to Benzinga Pro. Total revenue was up 93% on a year-over-year basis, driven by robust demand for the company’s PCIe 6 portfolio.
The semiconductor-based connectivity solutions company reported adjusted earnings of 61 cents per share for the quarter, beating estimates of 54 cents per share.
“Adoption of our Intelligent Connectivity Platform continues to expand with the launch and initial shipments of our new Scorpio X-Series 320-lane AI scale-up fabric switch, new design engagements for custom and optical solutions, and growing market share for our broad portfolio of 32 to 320 lane PCIe switches and Smart Cable Modules,” said Jitendra Mohan, CEO of Astera Labs.
“We believe the opportunity ahead is significant, and we are investing to be a leader for rack-scale AI technologies in close partnership with our customers.”
In connection with earnings, Astera Labs announced the Scorpio X-Series 320 Lane Smart Fabric Switch, designed to improve token economics and support large-scale-up clusters with minimal latency. The new smart fabric switch begins shipping today.
Astera Labs expects second-quarter revenue of $355 million to $365 million versus estimates of $310.56 million. The company anticipates second-quarter adjusted earnings of 68 cents to 70 cents per share versus estimates of 55 cents per share.
Executives from Astera Labs will further discuss the quarter on an earnings call scheduled for 4:30 p.m. ET.
ALAB Shares Rise In After-Hours
ALAB Price Action: Astera Labs shares were up 1.27% in after-hours, trading at $217 at the time of publication on Tuesday, according to Benzinga Pro.
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