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Arista Networks Inc (NYSE:ANET) reported first-quarter results after the close Monday. Here's a rundown of the report.
- Q1 Revenue: $1.35 billion beat estimates of $1.31 billion
- Q1 EPS: $1.43 beat estimates of $1.34
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Quarterly revenue was up 54.1% year-over-year and up 5.9% sequentially. The gross margin came in at 59.5%.
"Amid macroeconomic uncertainty and a gradually recovering supply chain, Arista continues to bring innovative, leading-edge platforms to market, while delivering superior customer and financial outcomes," said Jayshree Ullal, president and CEO of Arista Networks.
"Our Q1 results illustrate this with continued growth in revenue and profits."
Q2 Outlook: Arista sees second-quarter revenue of $1.35 billion to $1.4 billion versus estimates of $1.35 billion. The company expects operating margin of approximately 40% and gross margin to come in around 61%.
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ANET Price Action: Arista shares were down 7.11% after hours at $148.82. The stock was up nearly 30% over the last three months heading into the print.
Photo: Michael Schwarzenberger from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.