Arista Networks (NYSE:ANET) reported first-quarter earnings and revenue that beat analyst expectations and issued an upbeat guidance for fiscal Q2 2024.
ANET stock fell nearly 2% in after-hours trading.
The company’s fiscal Q1 earnings per share (EPS) stood at $1.99, topping consensus estimates of $1.74. Revenue came in at $1.57 billion, also above the forecasted $1.55 billion.
Arista’s non-GAAP gross margin was reported at 64.2%, compared to 65.4% in Q4 2023 and 60.3% in Q1 2023.
Looking ahead, Arista Networks projects Q2 2024 revenue between $1.62 billion and $1.65 billion, compared with the $1.62 billion expected by analysts.
“Arista is off to a strong start to 2024 with solid first quarter results,” said Jayshree Ullal, Chairperson and CEO of Arista Networks.
“As we get ready to celebrate the 10th anniversary of our IPO in June, I am pleased with our progress in the Arista 2.0 journey as seen in breakthrough innovations, customer traction and building our next generation leaders.”