: Arista Networks stock rallies on earnings, outlook beat

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Arista Networks Inc. ANET shares rose higher in the extended session Monday after the cloud-software company’s results and outlook topped Wall Street estimates. Arista shares gained 4.8 % after hours, following a 3.5% rise in the regular session to close at $216.12. The company reported third-quarter net income of $168.4 million, or $2.12 a share, compared with $208.8 million, or $2.59 a share, in the year-ago period. Adjusted earnings were $2.42 a share, compared with $2.69 in the year-ago period. Revenue declined to $605.4 million from $654.4 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $2.22 a share on revenue of $580 million. Arista expects fourth-quarter revenue of $615 million to $635 million, while analysts had forecast revenue of $608.6 million. “Our customers are validating our traction as we migrate from legacy to cognitive client to cloud deployments with a cumulative of 40 million cloud networking ports shipped by Q3 2020,” said Jayshree Ullal, Arista chief executive, in a statement. “Despite some COVID-19 turbulence, we believe Arista will only emerge stronger.”
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