Shares of Arista Networks took a nose dive after the bell Thursday after the company published first quarter financial results. While beating expectations for Q1, Arista's guidance for the current quarter came in well below Wall Street estimates. For the second quarter Arista said it projects revenue between $600 million and $610 million. Analysts were expecting revenue of $640 million.
Shares of Arista were down more than 16% after market.
As for Arista's Q1, the company reported earnings of $201 million, or $2.47 a share, on revenue of $595.4 million, up 26% from a year ago. Non-GAAP earnings were $2.31 a share.
Wall Street was looking for non-GAAP earnings of $2.07 a share on revenue of $594.87 million.
"Arista's Q1 results demonstrate our consistent execution and profitability despite the seasonality of the quarter, Arista CEO Jayshree Ullal said in prepared remarks. "We are witnessing the deployment of cloud principles into new enterprise markets."