3.9k Share this

Arista Networks Inc. shares rose in the extended session Monday after the cloud-software and data-center supplier reported results that topped Wall Street estimates, and forecast that the current quarter could produce $1 billion in revenue for the first time.

Arista  ANET, +2.33% shares gained more than 2% after hours, following a 2.3% rise in the regular session to close at $118.26. The company’s share price is already 50% higher than it was 12 months ago, versus a 0.6% decline by the S&P 500 index SPX, +0.57% and a 10.2% drop in the tech-heavy Nasdaq Composite Index COMP, +1.63% over that period.

The company reported first-quarter net income of $272.3 million, or 85 cents a share, compared with $180.4 million, or 57 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 84 cents a share, compared with 62 cents a share in the year-ago period. Per-share amounts account for a four-to-one stock split announced back in November.

Revenue rose to $877.1 million from $667.6 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of 81 cents a share on revenue of $856.1 million, based on Arista’s forecast of $840 million to $860 million.

Products sales rose to $724.7 million from $539.1 million in the year-ago period, while service revenue rose to $152.3 million from $128.4 million, Arista said. Analysts had forecast $693 million in product sales and $158.5 million in service revenue.

“Arista has delivered record Q1 2022 sales despite the sustained supply-chain challenges,” said Jayshree Ullal, Arista’s chief executive, in a statement. “I am pleased with our enterprise execution and cloud titan strength in these uncertain times.”

For the second quarter, Arista forecast revenue between $950 million and $1 billion, while analysts forecast revenue of $917 million.

Source: This post first appeared on http://marketwatch.com/

3.9k Share this
You May Also Like

Learn the concepts behind stablecoins and how they work

Cointelegraph’s director of video production Jackson DuMont dissected stablecoins in the latest…

Campbell Soup, Band Of Montreal, Royal Gold, Merck, Digital Realty

The Board of Directors of Campbell Soup today declared a regular quarterly…

Alibaba Shares Jump As Chinese E-Commerce Giant Posts Record Transactions

Signage displayed at the Alibaba Group Holding Ltd. headquarters in Hangzhou, China,…

Alibaba & Baidu Beat!

China Last Night KraneShares Key News Asian equities were mixed overnight as…

Department Of Commerce Decision Puts Fate Of U.S. Solar Industry In Jeopardy

George L. Strobel II is Partner, Co-Founder & Co-CEO of Monarch Private…

Shifting Conservative Attitudes Toward Cannabis Reflected In New Efforts By The Congressional Cannabis Caucus

WASHINGTON, DC – OCTOBER 08: Members of DC Marijuana Justice hold up…

Aerojet Rocketdyne Sets Shareholder Meeting to Vote on Rival Board Slates

This copy is for your personal, non-commercial use only. Distribution and use…