ANET Stock Surges as Arista Networks Beats Earnings Estimates
Arista Networks reported better-than-expected earnings and revenue for the third quarter, causing its stock to rise. The company's earnings per share increased by 46% to $1.83, while revenue jumped 28% to $1.51 billion. Arista's sales guidance for the current quarter also exceeded estimates. However, investor concerns remain over the 2024 capital spending plans of its key customers, Microsoft and Meta Platforms. Arista is gaining ground in the enterprise market and is expected to benefit from customer investments in artificial intelligence in the future.