Why Arista Networks Stock Is Soaring Today
The booming artificial intelligence (AI) market is bearing fruit for more companies than the obvious names like Nvidia and Google parent . According to numbers from S&P Global Market Intelligence, shares of networking technology outfit Arista Networks (NYSE: ANET) are up 10.9% as of 1:16 p.m. ET Wednesday in response to an impressive second-quarter report, largely fueled by its role in the advent of AI.
For the three months ending in June, Arista Networks turned revenue of $1.69 billion into a per-share profit of $2.10 per share. Both are up from year-ago comparisons of $1.46 billion and $1.58 per share, respectively. But, perhaps more importantly, both numbers topped expectations for a top line of $1.65 billion and per-share profits of $1.94.
Artificial intelligence accounts for the bulk of the beat.
Source Fool.com
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