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Earnings Results: Arista Networks stock rallies up to 10% as earnings, outlook top Street view – Vested Daily

Earnings Results: Arista Networks stock rallies up to 10% as earnings, outlook top Street view

February 14, 2022

Arista Networks Inc. rallied in the extended session Monday after the cloud-software company’s quarterly results and outlook topped Wall Street estimates.

Arista
ANET,
+1.57%
shares surged up to 10% after hours, following a 1.6% rise in the regular session to close at $122.82.

The company reported fourth-quarter net income of $239.3 million, or 75 cents a share, compared with $183 million, or 58 cents a share, in the year-ago period. Adjusted earnings were 82 cents a share, compared with 62 cents a share in the year-ago period. Per-share amounts account for a four-to-one stock split announced last quarter.

Revenue rose to $824.5 million from $648.5 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of 74 cents a share on revenue of $790.1 million, based on Arista’s forecast of $775 million to $795 million.

Arista said it expects first-quarter revenue between $840 million and $860 million, while analysts forecast revenue of $832.5 million.

This post was originally published on Market Watch