SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Arista Networks Inc. (ANET) on Tuesday reported first-quarter net income of $1.02 billion.
The Santa Clara, California-based company said it had profit of 80 cents per share. Earnings, adjusted for one-time gains and costs, came to 87 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The cloud networking company posted revenue of $2.71 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $2.62 billion.
For the current quarter ending in June, Arista Networks expects its per-share earnings to be 88 cents.
The company said it expects revenue in the range of $2.8 billion for the fiscal second quarter.
Arista Networks shares have increased 30% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $170.38, a climb of 89% in the last 12 months.
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