Arista Lifts AI Revenue Target To $3.5 Billion After Q1 Beat

Arista Networks (NYSE:ANET) shares are trading lower premarket on Wednesday. The company reported first-quarter financial results that beat analyst estimates Tuesday after market close.

Earnings Snapshot

Arista Networks reported first-quarter revenue of $2.71 billion, up 35.1% year-over-year. The revenue total beat a Street consensus estimate of $2.61 billion according to data from Benzinga Pro.

Revenue is driven by strong demand from AI and specialty cloud providers.

The company reported earnings per share of 87 cents for the quarter, beating a Street consensus estimate of 81 cents per share.

First quarter gross margin stood at 62.4%, influenced by customer mix and higher supply chain costs.

Outlook

The company is guiding for second-quarter revenue of $2.8 billion. The current Street consensus estimate is $2.77 billion.

Arista expects second-quarter adjusted earnings per share to be ...

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Arista Lifts AI Revenue Target To $3.5 Billion After Q1 Beat

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