Arista Networks (NYSE:ANET) reported earnings for the third quarter of fiscal year 2020 on Monday, and the results have ANET stock rising higher on Tuesday morning. This comes after reporting revenue of $605.43 million, which is much better than Wall Street’s estimate of $580 million. The company also reported adjusted earnings per share (EPS) of $2.42, while analysts were expecting $2.21 for the quarter.
The company also reported GAAP EPS of $2.12 for the period.
Here is what else is worth mentioning from the most recent Arista Networks earnings report.
- Adjusted EPS is 10% worse than $2.69 during Q3 2019.
- Revenue for the quarter comes in 7.5% lower compared to $654.42 million during the same time last year.
- Operating income of $188.4 million is a 17.6% drop year-over-year next from $228.61 million.
- The Arista Networks earnings report also includes net income of $168.38 million.
- That’s 19.4% worse than $208.9 million from the third quarter of 2019.
Jayshree Ullal, president and CEO of Arista Networks, had this to say about the ANET stock earnings:
“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. Despite some COVID-19 turbulence, we believe Arista will only emerge stronger.”
The Arista Networks earnings report does include guidance for Q4 of FY2020. This has the company looking for revenue between $615 million to $635 million. That looks great next to Wall Street’s expectation for revenues of $610.87 million.
ANET stock was down about 16.3% as of Tuesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a Web Editor at InvestorPlace.