Arista Networks (NYSE: ANET) soared in pre-market trading at the time of publishing on Tuesday after the computer networking company announced Q2 adjusted earnings of $1.58 per share as compared to $1.08 in the same period last year, above consensus estimates of $1.44 per share.
Revenues increased by 8% year-over-year to $1.459 billion again exceeding Street estimates of $1.38 billion.
Ita Brennan, Arista’s CFO, said, “In spite of the return to shorter lead times and reduced visibility, we are executing well with gradual incremental improvements to our 2023 outlook which now calls for year-over-year growth in excess of 30%.”
Looking forward, the management has forecasted revenues between $1.450 billion and $1.500 billion in the third quarter while the adjusted operating margin is likely to be 41%.
Analysts are bullish about ANET stock with a Strong Buy consensus rating based on 11 Buys and three Holds.