SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Arista Networks Inc. (ANET) on Thursday reported third-quarter net income of $747.9 million.
The Santa Clara, California-based company said it had net income of $2.33 per share. Earnings, adjusted for one-time gains and costs, came to $2.40 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.09 per share.
The cloud networking company posted revenue of $1.81 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $1.76 billion.
For the current quarter ending in December, Arista Networks said it expects revenue in the range of $1.85 billion to $1.9 billion.
Arista Networks shares have increased 83% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $431.02, more than doubling in the last 12 months.
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