SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Arista Networks Inc. (ANET) on Tuesday reported first-quarter profit of $813.8 million.
The Santa Clara, California-based company said it had net income of 64 cents per share. Earnings, adjusted for one-time gains and costs, came to 65 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.
The cloud networking company posted revenue of $2 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.96 billion.
For the current quarter ending in June, Arista Networks said it expects revenue in the range of $2.1 billion.
Arista Networks shares have fallen 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $91.39, an increase of 31% in the last 12 months.
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