Arista Networks Q2 Earnings: Revenue Beat, EPS Beat, Strong Guidance And More

Author: Adam Eckert | July 30, 2024 04:47pm

Arista Networks Inc (NYSE:ANET) shares are volatile in Tuesday’s after-hours session on the heels of the company’s second-quarter financial results. Here’s a rundown of the report.

• Q2 Revenue: $1.69 billion, versus estimates of $1.651 billion

• Q2 EPS: $2.10, versus estimates of $1.95

Total revenues were up 15.9% on a year-over-year basis and up 7.6% compared to the prior quarter. Gross margin was 64.9% in the quarter. The company said strong revenue and gross margin performance helped drive 33% earnings growth.

“Our Q2 2024 financial results demonstrate Arista’s powerful combination of growth, profitability and best of breed platforms,” said Jayshree Ullal, chairperson and CEO of Arista Networks.

Q3 Outlook: Arista Networks sees third-quarter revenue in the range of $1.72 billion to $1.75 billion versus estimates of $1.652 billion, according to Benzinga Pro. The company anticipates third-quarter gross margin of approximately 63% to 64%.

Arista Networks provides data-driven, client-to-cloud networking for large AI, data center, campus and routing environments. The company is discussing its quarterly results on a conference call that kicked off at 4:30 p.m. ET.

ANET Price Action: Arista Networks shares are up 3.40% after-hours at $322 at the time of publication Tuesday, per Benzinga Pro.

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Photo: 3844328 from Pixabay.

Posted In: ANET