Shares of Arista Networks, Inc. (NYSE: ANET) surged 14.22% on Tuesday as the company’s Q2 earnings and revenues beat estimates.
The company earnings per share (EPS) for the quarter ended June 2023 came in at $1.58, beating the Zacks Consensus Estimate of $1.44. This marks the fourth consecutive quarter in which Arista Networks has surpassed consensus EPS estimates.
In the previous quarter (Q1), Arista Networks was projected to earn $1.35 per share, but the company outperformed those expectations, posting earnings of $1.43, delivering a surprise of 5.93%.
Moreover, Arista Networks’ revenues for the second quarter soared to $1.46 billion, surpassing the Zacks Consensus Estimate by 5.71%. This revenue figure marks significant growth compared to the $1.05 billion in revenues generated during the same period last year. Like its EPS performance, ANET has exceeded consensus revenue estimates for four consecutive quarters.
Arista Networks shares have surged by about 24.5% since the beginning of the year, outperforming the S&P 500’s gain of 19.3%.