Stock Track | Astera Labs Stock Soars on Blowout Q3 Earnings and Upbeat Outlook

Stock Track09:02

Shares of Astera Labs, Inc. (ALAB) skyrocketed by nearly 25% in extended trading on November 4, 2024, after the company reported stellar third-quarter financial results that exceeded Wall Street's expectations. The stellar performance was driven by robust demand for its artificial intelligence (AI) connectivity solutions and growing adoption by major cloud service providers and data center operators.

For the quarter ended September 30, 2024, Astera Labs posted non-GAAP earnings per share of $0.23, surpassing the consensus analyst estimate of $0.17. Revenue soared an impressive 206% year-over-year to $113.1 million, comfortably beating projections of $97.4 million. The company's strong top-line growth was fueled by increasing demand for its high-speed data transfer and system bandwidth expansion products, which are critical for AI infrastructure.

Looking ahead, Astera Labs provided an upbeat outlook for the fourth quarter, forecasting revenue in the range of $126 million to $130 million. This guidance range exceeds the Street's consensus estimate of $108.4 million, reflecting the company's confidence in its ability to capitalize on the growing demand for its innovative connectivity solutions.

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(ALAB) skyrocketed by nearly 25% in extended trading on November 4, 2024, after the company reported stellar third-quarter financial results that exceeded Wall Street's ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ALAB","symbol_name":"Astera Labs, Inc.","start_time":0,"source_url":"","article_id":"1180129815","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1180129815","pubTimestamp":1730768573,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Astera Labs, Inc.  skyrocketed by nearly 25% in extended trading on November 4, 2024, after the company reported stellar third-quarter financial results that exceeded Wall Street's expectations. 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