Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Zenger
Zenger
Business
Adam Eckert

Arista Networks Surpasses Estimates, Expects Strong Growth In 2023

UKRAINE - 2021/12/27: In this photo illustration Arista Networks, Inc. logo seen displayed on a smartphone and in the background. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)

Arista Networks Inc (NYSE: ANET) shares are trading higher in Monday’s after-hours session after the networking equipment company reported better-than-expected financial results

Arista Networks said second-quarter revenue increased 38.7% year-over-year to $1.459 billion, which beat the consensus estimate of $1.38 billion, according to Zenger News Pro. The company reported quarterly earnings of $1.58 per share, which beat analyst estimates of $1.44 per share. 

The gross margin came in at 61.3%, down from 61.9% on a year-over-year basis, but up from 60.3% sequentially. Arista said it surpassed 75 million cloud network ports shipped cumulatively during the quarter. 

“In spite of the return to shorter lead times and reduced visibility, we are executing well with gradual incremental improvements to our 2023 outlook, which now calls for year-over-year growth in excess of 30%,” said Ita Brennan, CFO of Arista Networks.

Arista sees third-quarter revenue in the range of $1.45 billion to $1.5 billion. The company anticipates gross margin of approximately 62% in the third quarter. 

Management will hold a conference call to discuss these results at 4:30 p.m. ET.

 

Produced in association with Benzinga

Edited by Joseph Donald Gunderson and Jason Reed

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.