Astera Labs Stock Is Ripping Higher Today: What's Going On?

Astera Labs Inc. (NASDAQ:ALAB) shares are trading higher Tuesday after the company posted strong third-quarter financial results. Here’s what you need to know.

What To Know: Astera Labs reported earnings of 23 cents per share, surpassing estimates of 17 cents per share. The company reported quarterly revenue of $113.1 million, beating analyst estimates of $97.4 million, per Benzinga Pro. Astera’s quarterly revenue was up 206% year-over-year.

“Astera Labs delivered strong Q3 results, setting our fifth consecutive quarterly revenue record and grew 47% versus the previous quarter,” said Jitendra Mohan, CEO of Astera Labs.

“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.”

Astera highlighted the recent introduction ...