SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Arista Networks Inc. (ANET) on Tuesday reported first-quarter earnings of $637.7 million.
The Santa Clara, California-based company said it had profit of $1.99 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.74 per share.
The cloud networking company posted revenue of $1.57 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $1.55 billion.
For the current quarter ending in June, Arista Networks said it expects revenue in the range of $1.62 billion to $1.65 billion.
Arista Networks shares have increased 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $274.68, an increase of 99% in the last 12 months.
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