05:09 PM EDT, 05/07/2024 (MT Newswires) -- Astera Labs ( ALAB ) reported Q1 non-GAAP earnings late Tuesday of $0.10 per diluted share on a pro forma basis, swinging from a loss of $0.12 a year earlier.

Analysts polled by Capital IQ estimated earnings of $0.04.

Revenue for the quarter ended March 31 was $65.3 million, up from $17.7 million a year earlier.

Analysts forecast revenue of $56.7 million.

The company said it expects Q2 non-GAAP diluted EPS of about $0.11. Street consensus is $0.06.

Shares of the company were trading more than 9% lower in after-hours activity.

Price: 69.00, Change: -7.19, Percent Change: -9.44