Arista Networks (ANET) late Thursday reported second-quarter earnings and revenue that topped views and forecast September quarter sales slightly above analyst estimates, but shares dipped after hours.
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The maker of computer networking gear software for cloud computing said adjusted earnings were $1.93 a share, up 44% from a year ago, with revenue rising 28% to $520 million, topping analyst estimates. A year earlier, Arista earned $1.34 a share on sales of $405 million. Analysts expected Arista to report earnings of $1.70 a share on sales of $509.3 million for the period ended June 30.
For the September quarter, Arista said it expects revenue of $546 million at its mid-point of guidance. Analysts had projected $543 million.
Arista stock tumbled 1.7% to 267.25 in recent after-hours trading on the stock market today. Arista is ranked No. 34 in the IBD 50 roster of growth stocks.
Arista Buys WiFi Gear Maker
Arista announced that it is acquiring Mojo Networks. The privately held company makes WiFi network equipment.
A fierce rival of Cisco Systems (CSCO), Arista sells network switches that speed up communications among racks of computer servers packed into high-performance, “hyperscale,” data centers. Some analysts say that Cisco has become more competitive in the high performance part of the switching market.
Santa Clara, Calif.-based Arista rose 3.5% in Thursday’s regular session. As of Thursday’s market close, Arista stock had soared 89% from a year ago.
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