Why Arista Networks Stock Is Sinking Today
Despite reporting third-quarter results that beat analyst expectations across the board, shares of artificial intelligence (AI)-focused networking provider Arista Networks (NYSE: ANET) slumped on Wednesday. By 11:35 a.m. ET, the stock was down about 7.1%, according to data provided by S&P Global Market Intelligence.
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Arista reported third-quarter revenue of $2.308 billion, up 27.5% year over year and slightly higher than the average analyst estimate. Adjusted earnings per share came in at $0.75, up from $0.60 in the prior-year period and $0.04 higher than analyst expectations. "We are proud to have delivered 25% non-GAAP EPS growth in this quarter, a reflection not only of strong demand, but also of the disciplined execution of our strategic roadmap," said Arista CFO Chantelle Breithaupt.
Source Fool.com
