Arista Networks OKs $1.2 billion in buybacks as revenue jumps on strong cloud demand

By Ben Glickman

Arista Networks (ANET) said its revenue rose more than expected in the first quarter and authorized $1.2 billion in share buybacks.

The Santa Clara, Calif.-based cloud-networking company reported a profit of $637.7 million, or $1.99 a share, in the quarter ended March 31, compared with a profit of $436.5 million, or $1.38 a share, a year earlier. Analysts polled by FactSet expected a per-share profit of $1.55.

Stripping out certain one-time items, the company posted an adjusted profit of $1.99 a share, ahead of $1.74 expected by analysts surveyed by FactSet.

Revenue rose 16% from a year earlier, to $1.57 billion, beating the $1.55 billion expected by analysts polled by FactSet.

Arista's board authorized an additional share-buyback program of up to $1.2 billion.

The company expects $1.62 billion to $1.65 billion in revenue in the second quarter, compared with the $1.62 billion forecast by analysts.

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05-07-24 1708ET

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