By Brenda León
Arista Networks, a computer networking company based in Santa Clara, California, announced that it has achieved higher revenue for the second quarter. This increase in revenue is attributed to a surge in cloud network ports shipped during this period.
For the quarter ending on June 30, Arista Networks recorded a profit of $491.9 million, or $1.55 per share. In comparison, the company had reported a profit of $299.1 million, or 94 cents per share, during the same quarter the previous year.
Analysts surveyed by FactSet had predicted that Arista Networks would post earnings of $1.44 per share, which the company exceeded.
The revenue also saw significant growth, rising by nearly 39% to $1.46 billion from $1.05 billion in the year-ago quarter. This surpasses the estimates of analysts, who had expected revenue to reach $1.38 billion.
Despite facing challenges such as shorter lead times and reduced visibility, Arista Networks remains optimistic. Chief Financial Officer Ita Brennan stated, “In spite of the return to shorter lead times and reduced visibility, we are executing well with gradual incremental improvements to our 2023 outlook which now calls for year-over-year growth in excess of 30%.”
