Astera Labs, Inc. (ALAB) experienced a sharp intraday plummet of 14.62% early in the trading session on Wednesday. The semiconductor connectivity company's stock sold off sharply following the release of its fourth-quarter financial results and a concurrent management transition announcement.

Despite reporting quarterly revenue that grew 92% year-over-year to $271 million and adjusted earnings per share of $0.58, both exceeding consensus estimates, the results failed to meet the more lofty expectations of some analysts who had projected revenue above $280 million. This disappointment relative to high expectations appears to be a primary driver behind the sell-off.

Concurrently, the company announced that Chief Financial Officer Mike Tate will step down and transition to a strategic advisor role, with Desmond Lynch appointed as the new CFO effective March 2. The management change added to investor uncertainty. Furthermore, JP Morgan cut its price target on the stock from $215 to $205, contributing to the negative sentiment.