Arista Networks tops estimates for Q1

Arista Networks Inc. reported its Q1 financial results after the closing bell in the US on Monday, beating Wall Street estimates.

The US computer networking company reported revenue of $877.066 million (up by 31.4% year-over-year) vs. $856.14 million expected.

Earnings per share reported at $0.84 per share (up by 35.48% year-over-year) vs. $0.81 per share estimate.

Jayshree Ullal, President and CEO of Arista Networks commented on the latest results: ”Arista has delivered record Q1 2022 sales despite the sustained supply chain challenges. I am pleased with our enterprise execution and cloud titan strength in these uncertain times.”

”We are pleased with the continued growth of our enterprise business in the first quarter, combined with robust next generation product qualification and deployment activity with our cloud customers,” Arista’s CFO, Ita Brennan said after the results were announced.

The company expects revenue between $950 million to $1 billion in Q2.

Arista Networks Inc. chart

Shares of Arista Networks ended the trading day on Monday at $118.03 per share, up by 2.33%. The stock price climbed by around 3% in the after-market trading hours.

Here is how the stock has performed in the past year:

• 1 Month -17.16%
• 3 Month -4.87%
• Year-to-date -17.73%
• 1 Year +31%

Arista Networks price targets

• Morgan Stanley: $144
• Wells Fargo: $160
• Citigroup: $160
• Barclays: $140

Arista Networks Inc. is the 474^th largest company in the world with a market cap of $36.34 billion.

You can trade Arista Networks Inc. (ANET) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.

Sources: Arista Networks Inc., TradingView, CompaniesMarketCap