Astera Labs (NASDAQ:ALAB) reported record quarterly revenue after market close on Tuesday.
Astera Labs reported second-quarter revenue of $191.9 million, up 150% year-over-year and up 20% quarter-over-quarter. The revenue total beat a Street consensus estimate of $172.54 million according to data from Benzinga Pro. The company’s revenue was a quarterly record, as was operating cash flow generation of $135.4 million.
Astera Labs reported adjusted earnings per share of 44 cents, beating a Street consensus of 32 cents per share.
“Astera Labs delivered strong financial results in Q2 with sequential revenue growth of 20 percent, driving meaningful upside to earnings and cash flow from operations,” Astera CEO Jitendra Mohan said.
Astera Labs is guiding for third quarter revenue to be in a range of $203 million to $210 million. Analysts expect the company’s third-quarter revenue to be $180.73 million, according to data from Benzinga Pro. The company expects adjusted earnings per share in a range of 38 cents to 39 cents for the third quarter. Analysts estimate earnings to be 34 cents per share.
Astera Labs shares fell 1.7% to close at $135.54 on Tuesday.
These analysts made changes to their price targets on Astera Labs following earnings announcement.
- Needham analyst N. Quinn Bolton maintained Astera Labs with a Buy and raised the price target from $100 to $170.
- Evercore ISI Group analyst Mark Lipacis maintained the stock with an Outperform rating and raised the price target from $104 to $215.
Considering buying ALAB stock? Here’s what analysts think:
Read This Next:
Photo via Shutterstock
