Arista Networks tops Q2 earnings, revenue targets
Arista Networks published better-than-expected second quarter financial results on Tuesday. The networking player reported earnings of $144.8 million, or $1.83 a share, on revenue of $540.6 million, up 3.4% from a year ago. Non-GAAP earnings were $2.11 a share.
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Wall Street was looking for non-GAAP earnings of $1.95 a share on revenue of $529.7 million.
For the third quarter Arista said it projects revenue between $520 million and $540 million. Analysts are looking for revenue of $542 million. Shares of Arista were up over 1% after hours.
As a challenger to industry leader Cisco Systems, Santa Clara, Calif.-based Arista builds switches that handle traffic at Internet data centers for companies such as Facebook, Yahoo and Citigroup, and is led by former Cisco exec Jayshree Ullal.
In prepared remarks, Ullal said:
"I am definitely pleased with our quarterly performance and proud of the tenacity shown by the Arista team in the face of the challenging pandemic era we live in. Arista's market position has been reinforced as we were placed in the leader's category by two renowned market analyst firms."