Arista Networks beats Street 2Q forecasts

SANTA CLARA, Calif. (AP) _ Arista Networks Inc. (ANET) on Thursday reported second-quarter earnings of $102.7 million.

The Santa Clara, California-based company said it had profit of $1.30 per share. Earnings, adjusted for one-time gains and costs, came to $1.34 per share.

The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.

The cloud networking company posted revenue of $405.2 million in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $361 million.

For the current quarter ending in October, Arista Networks said it expects revenue in the range of $405 million to $420 million.

Arista Networks shares have increased 49 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $144.05, more than doubling in the last 12 months.


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