Arista Networks beats Q1 estimates, delivers strong Q2 outlook
Arista Networks, which provides networking for large data center and campus environments, reported better-than-expected first quarter financial results on Tuesday. CEO Jayshree Ullal attributed the strong quarter to the company's focus on AI-driven solutions.
"Arista begins the 2021 year with a flying start," Ullal said in a statement. "Clearly, the focus on our cognitive cloud networking suite is resonating with customers across diverse data sets and applications."
Non-GAAP net income for the first quarter was $198.8 million, or $2.50 per diluted share. Revenue was $667.6 million, an increase of 27.6 percent year-over-year.
Analysts were expecting earnings of $2.38 per share on revenue of $642.12 million.
CFO Ita Brennan said the quarter validated the company's business diversification initiatives, with healthy demand across all market and product sectors.
For the second quarter of 2021, Arista expects revenue between $675 million and $695 million.
Analysts are predicting Q2 revenues of $649.84 million.