ALAB earning reports
Top-performing IPO stock Astera Labs (ALAB) late Tuesday easily beat expectations for the first quarter, also its first as a publicly traded company. Plus, Astera gave guidance above views for the current period. But ALAB stock fell in extended trading.
The Santa Clara, Calif.-based chipmaker earned an adjusted 10 cents a share on sales of $65.3 million in the March quarter. Analysts polled by FactSet had expected Astera earnings of 4 cents a share on sales of $56.7 million.
For the current quarter, Astera predicted adjusted earnings of 11 cents a share on sales of $72.5 million. That's based on the midpoint of its outlook. Analysts had been looking for earnings of 6 cents a share on sales of $62.8 million.
In after-hours trading on the stock market today, ALAB stock tumbled 13.4% to 66. During the regular session Tuesday, ALAB stock fell 2.5% to close at 76.19.