Shares of Astera Labs, Inc. (ALAB) skyrocketed nearly 26% in pre-market trading on Monday, November 5th, after the artificial intelligence (AI) connectivity chipmaker reported stellar third-quarter financial results that smashed Wall Street's expectations. The company's stellar performance and bullish guidance underscore the growing demand for its innovative solutions in the booming AI market.
For the quarter ended September 30, 2024, Astera Labs reported record revenue of $113.1 million, surging an impressive 206% year-over-year and 47% from the previous quarter. This impressive top-line growth significantly exceeded analysts' consensus estimate of $97.4 million. Additionally, the company posted non-GAAP earnings per share of $0.23, comfortably beating the consensus forecast of $0.17.
Astera Labs' Chief Executive Officer, Jitendra Mohan, attributed the company's strong performance to the robust demand for its connectivity solutions across multiple product families, driven by the increasing adoption of AI platforms by cloud service providers and data center operators. "Our business has now entered a new growth phase with multiple product families ramping across AI platforms based upon both third-party GPUs and internally developed AI accelerators," Mohan stated.
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