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Aug. 1, 2019, 6:50 p.m. EDT

Arista Networks stock swings to loss following earnings beat

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By Wallace Witkowski

Arista Networks Inc. /zigman2/quotes/206966450/composite ANET -2.36% shares swung to a loss in the extended session Thursday after the cloud-networking company forecast weaker-than-usual growth in the second half after quarterly results topped Wall Street expectations. Arista Networks shares, which had surged more than 5% after hours, were last down 3%, following a 0.5% decline in the regular session to close at $272.11. The company reported second-quarter net income of $189.3 million, or $2.33 a share, compared with a loss of $155.2 million, or $2.08 a share, in the year-ago period. Adjusted earnings were $2.44 a share. Revenue rose to $608.3 million from $519.8 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $2.20 on revenue of $607 million. Arista Networks expects third-quarter revenue of $647 million to $657 million, while analysts had forecast on revenue of $650.8 million. On the call, Chief Financial Officer Ita Brennan said "we experienced some softness in demand from our cloud customers in the second quarter. While early indications are for improved demand for these customers in the September period, we believe that second half growth in this business will remain somewhat muted as compared to prior years." Additionally, shares may have also come under pressure after data-storage company NetApp Inc. /zigman2/quotes/209297588/composite NTAP +1.40% cut its revenue guidance for the year.

/zigman2/quotes/206966450/composite
US : U.S.: NYSE
$ 230.80
-5.58 -2.36%
Volume: 1.08M
Aug. 7, 2020 4:00p
P/E Ratio
24.58
Dividend Yield
N/A
Market Cap
$17.55 billion
Rev. per Employee
$935,378
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/zigman2/quotes/209297588/composite
US : U.S.: Nasdaq
$ 42.80
+0.59 +1.40%
Volume: 2.43M
Aug. 7, 2020 4:00p
P/E Ratio
12.07
Dividend Yield
4.49%
Market Cap
$9.50 billion
Rev. per Employee
$601,456
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