After-Hours Earnings: AMD, AMGN, ANET, ALAB and TOST
November 3, 2026 | Results, guidance and early stock moves for AMD, Astera Labs, Arista Networks, Toast and Amgen
AMD and Arista rallied after giving Wall Street a reason to raise its fourth-quarter estimates. Astera’s outlook also cleared expectations by a wide margin. Toast and Amgen raised their full-year forecasts, though Toast expects profit to ease from Q3 to Q4 and Amgen shares slipped after hours.
AMD: Data-center sales nearly doubled
AMD rose 7.6% to $520.50 after hours. Revenue grew 45% to $13.38 billion, above the $13.09 billion estimate. Adjusted earnings were $2.09 per share, versus $1.95 expected.
Data-center sales rose 97% to $8.55 billion, beating the $8.20 billion estimate. AMD posted record sales of its Instinct AI chips and EPYC server processors. PC and gaming sales fell 8% to $3.72 billion, below the $3.79 billion estimate.
Q4 outlook. AMD expects about $17 billion in revenue, plus or minus 3%, versus $16.23 billion expected. That’s nearly 5% above consensus at the midpoint. Adjusted gross margin is expected to slip to about 55% from 56% in Q3. On the call, CEO Lisa Su said AMD expects revenue to grow more than 80% in 2027, versus 77% expected by analysts, according to Reuters.
The data-center beat and the Q4 sales forecast help explain the rally. AMD is ramping up production of its Helios AI systems and Venice server chips, and the outlook suggests customers are buying more of its hardware despite weakness in PCs and gaming.
AMD earnings release · Reuters · Barron’s
ALAB: Astera expects another big jump in sales
Astera traded at $233.62 at 2:35 p.m. Pacific. The percentage move from Tuesday’s regular-session close remains unverified.
Revenue jumped 154% from a year ago and 49% from Q2 to $584.9 million, above the $550.8 million estimate. Adjusted EPS was $1.32, versus $1.19 expected. Scorpio, the chip family that helps AI accelerators communicate, became Astera’s biggest product line as its X-Series switch went into volume production.
Q4 outlook. Astera expects $730 million to $750 million in revenue and $1.62 to $1.66 in adjusted EPS. Wall Street expected about $656 million and $1.42, respectively. The guidance midpoints were about 13% and 15% above those estimates. The sales midpoint implies 27% growth from Q3, with adjusted gross margin holding near 72%.
Adding Q4 guidance to the first nine months of reported sales puts implied 2026 revenue at $2.02 billion to $2.04 billion, versus $1.91 billion expected. The combination of rapidly rising sales and roughly steady gross margins was the strongest part of the outlook.
Astera earnings release · Q3 estimates · Q4 and full-year estimates
ANET: Arista’s forecast sends shares up more than 15%
Arista rose more than 15% to $195.91 in early after-hours trading. Revenue grew 58.5% to $3.66 billion, ahead of the $3.34 billion estimate. Adjusted EPS was $1.20, versus $1.08 expected. Demand for Ethernet switches that connect AI servers helped drive the beat.
Q4 outlook. Arista expects $3.90 billion to $4.00 billion in revenue and $1.26 to $1.30 in adjusted EPS, versus Wall Street estimates of $3.60 billion and $1.15. That puts the midpoints about 10% and 11% above expectations. Arista expects an adjusted operating margin of 48% to 49%.
Investor’s Business Daily put the 2026 revenue outlook at about $12.6 billion, including at least $3.5 billion in AI-related revenue. The size of the Q4 forecast helps explain the rally. At the midpoint, Arista expects about $350 million more in sales next quarter than analysts had penciled in.
Arista earnings release · Q4 estimates · Investor’s Business Daily
TOST: Toast raises its annual outlook, but Q4 profit is set to ease
Toast traded at $33.53 at 2:30 p.m. Pacific. The news item accompanying the release showed a 3.05% decline, but the quote time and comparison price were unclear, so the exact after-hours move remains unverified.
Toast added about 8,500 net locations, bringing its total to roughly 189,000, up 21% from a year ago. Payment volume rose 20% to $61.8 billion, and its annualized recurring run rate rose 24% to $2.5 billion. Adjusted gross profit from subscriptions and financial technology was $642 million, above Toast’s $615 million to $625 million forecast. Adjusted EBITDA was $240 million, above its $210 million to $220 million forecast. GAAP EPS rose to $0.29 from $0.16. The available release excerpt omitted total revenue, and a comparable EPS consensus was unavailable.
Q4 outlook. Toast expects $610 million to $620 million in adjusted gross profit from subscriptions and financial technology and $200 million to $210 million in adjusted EBITDA. Both ranges are below Q3 actuals, although the gross profit forecast still implies 22% to 24% growth from a year ago. Wall Street expected about $2.0 billion in revenue and $0.33 to $0.34 in EPS. Those estimates cover different measures from Toast’s guidance.
Full-year outlook. Toast raised adjusted EBITDA guidance to $840 million to $850 million, from $805 million to $825 million. It raised its adjusted gross profit outlook for subscriptions and financial technology to $2.375 billion to $2.385 billion, from $2.325 billion to $2.355 billion.
Toast beat its own profit targets and raised its annual outlook. Traders may also be weighing the step down in profit from Q3 to Q4 and the departure of CFO Elena Gomez at year-end. Michael Senno takes over Jan. 1.
Toast investor relations · Wall Street estimates
AMGN: Amgen beats and raises, but shares slip
Amgen fell about 2% to $450–$453 in early after-hours trading. Revenue rose 8% to $10.37 billion, versus about $10.1 billion expected. Adjusted EPS was $6.45, well above the $5.79 estimate.
Sales of cholesterol drug Repatha rose 37% to $1.09 billion. Osteoporosis drug Prolia was the weak spot. Sales fell 45% to $632 million, below the roughly $697 million expected, as competition increased following patent expirations.
Q4 and full-year outlook. Wall Street expected about $10.27 billion in Q4 revenue. Amgen raised its full-year outlook to $38.9 billion to $39.7 billion in revenue and $22.90 to $23.70 in adjusted EPS. Its prior ranges were $38.2 billion to $39.4 billion and $22.30 to $23.50. The new midpoints were about 1% above Street estimates of $38.9 billion and $23.02.
The annual raise was modest relative to the Q3 earnings beat, and the stock had already gained 41% for the year through Tuesday’s close. Citi told Reuters that Amgen’s valuation increasingly depends on its drug pipeline. Initial Phase 3 results for the weight-loss drug MariTide are expected in 2027.
Amgen earnings release · Reuters · Q4 revenue estimate · Investor’s Business Daily
