Arista Networks (NYSE:ANET) reported its quarterly earnings results and the company brought in an adjusted profit that handily beat Wall Street’s guidance, helping ANET stock to soar close to 10% ahead of the weekend.
The Santa Clara, Ca.-based computer networking company said that for its fourth quarter of its fiscal 2018, it brought in net income of $170.3 million, or $2.10 per share. The figure marked a 64% increase compared to its profit from the year-ago quarter of $103.8 million, or $1.29 per share.
On an adjusted basis when considering one-time items, Arista said it amassed earnings of $182.2 million, or $2.25 per share. This figure was also higher than the year-ago quarter of $173.3 million, or $1.71 per share, tallying up to an increase of more than 5.1%.
Analysts were calling for the computer networking services provider to bring in adjusted earnings of $2.06 per share, according to a survey of analysts conducted by FactSet. Arista added that its sales for its fourth quarter gained 27% compared to the year-ago quarter to $596 million.
The Wall Street consensus estimate was calling for the company to bring in revenue of $591 million, according to data compiled by FactSet. For its first quarter of fiscal 2019, the company is projecting revenue between $588 million and $598 million, while analysts forecast revenue of $588 million, per FactSet.
ANET stock is up about 9.4% on Friday following the networking company’s strong quarterly performance to close out its fiscal 2018.