Astera Labs, Inc. announced preliminary financial results for the third quarter of fiscal year 2024, reporting record quarterly revenue of $113.086 million. This represents a substantial 206% increase compared to Q3 2023 and a 47% sequential increase from Q2 2024, driven by strong demand across its product portfolio.
The company reported a GAAP net loss of $7.593 million for the quarter, alongside a non-GAAP net income of $29.0 million. Astera Labs' Chief Executive Officer, Jitendra Mohan, highlighted that the business has entered a new growth phase with multiple product families, including the new Scorpio Fabric Switches, ramping across AI platforms.
For the fourth quarter of fiscal year 2024, Astera Labs provided a positive outlook, estimating revenue in the range of $135 million to $145 million, representing 19% to 28% sequential growth. The company also projected a non-GAAP gross margin of 75% to 77% and non-GAAP diluted earnings per share between $0.15 and $0.17.
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