Arista Networks (ANET) on Monday reported fourth-quarter earnings and revenue that handily beat analyst estimates amid high expectations for ANET stock.
For the three months ended Dec. 31, Arista earnings rose 72% to $1.41 per share, topping estimates of $1.21. Revenue climbed 55% to $1.275 billion vs. forecasts for $1.2 billion, said the maker of cloud computing network gear.
A year earlier, Arista earnings were 82 cents a share on revenue of $824 million.
For the March quarter, Arista predicted revenue in a range of $1.275 billion to $1.325 billion, vs. estimates of $1.21 billion.
ANET stock rose 2.1% to 138.85 in extended trading on the stock market today.
At an analyst day in November, Arista predicted 25% revenue growth in 2023, topping estimates. After that, however, analysts expect sales growth to slow moderately in 2024.
Heading into the earnings report, ANET stock has advanced nearly 10% thus far in 2023.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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