Arista Networks Shares Surge 7% on Q2 Earnings Beat Amid First Billion-Dollar Quarter
2022.08.02 00:30
Arista Networks Shares Surge 7% on Q2 Earnings Beat Amid First Billion-Dollar Quarter
By Davit Kirakosyan
Arista Networks (NYSE:ANET) shares were trading more than 7% higher after-hours following the company’s reported Q2 results, with EPS of $1.08 coming in better than the consensus estimate of $0.92.
Revenue grew 48.7% year-over-year (up 20% vs. Q1/22) to $1.05 billion, compared to the consensus estimate of $978.95 million.
“In Q2 2022, we achieved our first billion-dollar revenue quarter, despite the challenges of an uncertain supply chain environment,” said Jayshree Ullal, President and CEO of Arista Networks. “This record milestone further validates the customer value of Arista’s differentiated cloud networking platforms, now adopted by many of the largest cloud and enterprise customers around the world.”
The company provided its Q3/22 guidance, expecting revenue in the range of $1.025-1.075 billion, better than the consensus estimate of $0.96 billion.
