SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Arista Networks Inc. (ANET) on Tuesday reported second-quarter profit of $665.4 million.
The Santa Clara, California-based company said it had profit of $2.08 per share. Earnings, adjusted for one-time gains and costs, came to $2.10 per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.94 per share.
The cloud networking company posted revenue of $1.69 billion in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $1.64 billion.
For the current quarter ending in September, Arista Networks said it expects revenue in the range of $1.72 billion to $1.75 billion.
Arista Networks shares have increased 32% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $311.07, more than doubling in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ANET at https://www.zacks.com/ap/ANET
