{"id":7529,"date":"2023-10-31T11:05:17","date_gmt":"2023-10-31T11:05:17","guid":{"rendered":"https:\/\/infundpros.com\/investment\/arista-stock-jumps-as-earnings-top-estimates\/"},"modified":"2023-10-31T11:05:18","modified_gmt":"2023-10-31T11:05:18","slug":"arista-stock-jumps-as-earnings-top-estimates","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7529","title":{"rendered":"Arista Stock Jumps as Earnings Top Estimates"},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Arista Networks<\/span>
\n stock jumped in late trading after the provider of networking equipment posted better-than-forecast results for the September quarter.<\/p>\n

Arista (ticker: ANET) reported revenue of $1.51 billion, up 28% from a year ago, and ahead of both the company\u2019s forecast range of $1.45 billion to $1.5 billion and the consensus call for $1.48 billion among analysts tracked by
\n FactSet.<\/span>\n <\/p>\n

\n

The stock was 4.2% higher at $175.72.<\/p>\n

Adjusted profits were $1.83 a share, well above the consensus call for $1.58. Non-GAAP operating margin was 63.1%, beating the 62% management had forecast. Under generally accepted accounting principles, Arista earned $1.72 a share.<\/p>\n

The company said that momentum in the quarter \u201cremained strong\u201d from both enterprise customers and from cloud and artificial-intelligence companies.\u00a0<\/p>\n

Arista generates about half of its revenue from
\n Microsoft<\/span>
\n (MSFT) and
\n Meta Platforms<\/span>
\n (META), so its stock came under selling pressure last week after Meta\u2019s initial guidance on 2024 capital spending turned out to be more conservative than some investors had expected. <\/p>\n

That spurred worries about the company\u2019s financial outlook, but if there are any looming issues, they didn\u2019t materialize in the third quarter.<\/p>\n

For the December quarter, Arista projects revenue of $1.5 billion to $1.55 billion, ahead of the consensus call for $1.47 billion. Management also expects adjusted gross margin to expand to 63%.\u00a0<\/p>\n

Arista said it now sees full year revenue growth of more than 33%, up from a previous target of more than 30%.<\/p>\n

Write to Eric J. Savitz at eric.savitz@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Arista Networks stock jumped in late trading after the provider of networking equipment posted better-than-forecast results for the September quarter. 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