Summary by Moomoo AI
Astera Labs announced record Q2 FY2024 revenue of $76.9 million, up 18% QoQ and 619% YoY. GAAP gross margin was 77.9%, with a GAAP net loss of $7.5 million. Non-GAAP net income reached $22.2 million.The company highlighted multiple secular trends in AI adoption, design wins across diverse AI platforms, and increasing dollar content in next-gen GPU-based AI systems as drivers for outpacing industry growth. Astera Labs expanded its PCIe connectivity solutions and testing capabilities, while also planning a new R&D site in India.For Q3 FY2024, Astera Labs projects revenue between $95-100 million and non-GAAP diluted EPS of $0.16-$0.17. The company expects stronger sequential growth, driven by production ramps of new AI platforms at hyperscalers.
