Semiconductor company Astera Labs (ALAB, Financial) saw its stock price soar by 28% after posting third-quarter results that exceeded expectations. The company reported an adjusted earnings per share of $0.23, outperforming the market's prediction of $0.17. Revenue surged 206% year-over-year to $113 million, also surpassing the anticipated $98 million. Moreover, the company's fourth-quarter guidance was above forecasts.
Astera Labs specializes in semiconductor-based connectivity products, which are crucial for building AI and cloud infrastructure. The company has also introduced a new portfolio of optical switch products that NVIDIA (NVDA) announced would support its AI infrastructure.
