Arista Networks' stock jumps 12% on results, revenue guidance

Arista Networks Inc.'s (ANET) stock popped more than 12% in extended trading Monday after the company posted quarterly results and revenue guidance that topped analyst revenue and earnings estimates. Arista reported fiscal second-quarter net income of $491.9 million, or $1.55 a share, compared with net income of $299.1 million, or 94 cents a share, in the year-ago quarter. Adjusted earnings were $1.58 a share. Revenue improved to $1.46 billion from $1.05 billion a year ago. Arista offered third-quarter revenue guidance of between $1.45 billion and $1.5 billion, surpassing analysts' forecasts of $1.39 billion. Analysts surveyed by FactSet had expected on average second-quarter net income of $1.44 a share on revenue of $1.38 billion. Shares of Arista have advanced 26% this year, while the broader S&P 500 index is up 19%.

-Jon Swartz

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07-31-23 1731ET

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