SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Arista Networks Inc. (ANET) on Tuesday reported second-quarter earnings of $1.21 billion.
On a per-share basis, the Santa Clara, California-based company said it had profit of 95 cents. Earnings, adjusted for one-time gains and costs, were $1.02 per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 89 cents per share.
The cloud networking company posted revenue of $3.04 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $2.83 billion.
For the current quarter ending in September, Arista Networks expects its per-share earnings to range from $1.06 to $1.08.
The company said it expects revenue in the range of $3.3 billion for the fiscal third quarter.
Arista Networks shares have increased 46% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $191.90, a rise of 59% in the last 12 months.
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