Astera Labs Inc (NASDAQ:ALAB) posted financial results for the third quarter after the market close on Tuesday. Here’s a look at the key details from the quarter.

• Astera Labs stock is moving. What’s pushing ALAB stock?

Astera Labs Q3 Highlights

Astera Labs reported third-quarter revenue of $584.90 million, beating analyst estimates of $550.80 million, according to Benzinga Pro. Total revenue was up 154% on a year-over-year basis, with growth led by Scorpio, which recently ramped to high-volume production.

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.

“The expansion of our intelligent connectivity platform and new design wins position us to strongly grow our dollar content per accelerator and further increase our total market opportunity.”

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 management will further discuss the quarter on an earnings call at 4:30 p.m. ET.

ALAB Stock Moves Lower

ALAB Price Action: Astera Labs shares were down 6.16% in after-hours trading at $219.22 at the time of publication on Tuesday, according to Benzinga Pro.

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