Astera Labs Inc (NASDAQ:ALAB) on Tuesday posted upbeat financial results for the third quarter.
Astera Labs reported third-quarter revenue of $584.90 million, beating analyst estimates of $550.80 million, according to Benzinga Pro. The semiconductor-based connectivity solutions company reported adjusted earnings of $1.32 per share for the quarter, beating estimates of $1.19 per share.
"Design activity accelerated with wins across a broad set of programs and applications at multiple customers. We expanded our portfolio with the introduction of Aries 7 for optical and copper signal conditioning, Leo 2 and Leo X-Series for AI and general-purpose memory expansion, and Orion rack-scale reference architecture," said Jitendra Mohan, CEO of Astera Labs.
Astera Labs expects fourth-quarter revenue of $730 million to $750 million versus estimates of $655.81 million. The company anticipates fourth-quarter adjusted earnings of $1.62 to $1.66 per share versus estimates of $1.42 per share.
Astera Labs shares dipped 7.2% to $216.75 in pre-market trading.
These analysts made changes to their price targets on Astera Labs following earnings announcement.
- Needham analyst N. Quinn Bolton maintained the stock with a Buy and lowered the price target from $425 to $300.
- Susquehanna analyst Mehdi Hosseini maintained the stock with a Neutral and lowered the price target from $310 to $258.
- Evercore ISI Group analyst Mark Lipacis maintained the stock with an Outperform rating and cut the price target from $452 to $311.
Considering buying ALAB stock? Here’s what analysts think:
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