Astera Labs (ALAB) reported its first-quarter results after the bell on Tuesday, and they were a pleasant surprise for investors. The company posted revenue of $308.36 million, beating the analyst consensus of $292.23 million, according to MarketDash. That's a 93% jump from the same quarter last year, fueled by strong demand for its PCIe 6 portfolio.
On the earnings front, Astera Labs reported adjusted earnings of $0.61 per share, topping estimates of $0.54 per share. The company's CEO, Jitendra Mohan, credited the performance to expanding adoption of the company's Intelligent Connectivity Platform. "Adoption of our Intelligent Connectivity Platform continues to expand with the launch and initial shipments of our new Scorpio X-Series 320-lane AI scale-up fabric switch, new design engagements for custom and optical solutions, and growing market share for our broad portfolio of 32 to 320 lane PCIe switches and Smart Cable Modules," Mohan said. He added, "We believe the opportunity ahead is significant, and we are investing to be a leader for rack-scale AI technologies in close partnership with our customers."
In conjunction with earnings, Astera Labs announced the Scorpio X-Series 320 Lane Smart Fabric Switch, designed to improve token economics and support large-scale AI clusters with minimal latency. The switch starts shipping today.
Looking ahead, Astera Labs provided second-quarter guidance that blew past expectations. The company expects revenue between $355 million and $365 million, well above the $310.56 million analysts were looking for. Adjusted earnings are forecast at $0.68 to $0.70 per share, versus the $0.55 consensus estimate.
Astera Labs shares rose 1.27% in after-hours trading, hitting $217 at the time of publication. Executives will discuss the quarter in more detail on an earnings call scheduled for 4:30 p.m. ET.
