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Artista Networks Beats Estimates, But Shares Fall

Artista Networks Inc ANET 0.97% released its Q2 results after market close on Thursday. Earnings per share came in above Wall Street consensus expectations, however, shares shares fell 6.86 percent.

Artista Networks reported EPS of $0.74 and revenues of $268.7 million. Analyst consensus had an EPS estimate of $0.68 and revenues of $262.9 million.

"We are in the midst of a multi-year shift from legacy IT silos to cloud networking," stated Jayshree Ullal, Arista President and CEO. "This quarter puts Arista at a billion-dollar run rate, which is a fitting validation of this trend, based on our innovative cloud-class, cloud-scale and cloud-converged offerings."

Commenting on the company's financial results, Ita Brennan, Arista's CFO, said, "We are pleased with our financial performance in the second quarter which reflects strong adoption of our new products and consistent operational execution," said the CEO.

Artista Networks management saw Q3 revenues between $279-$285 million vs. estimates of $279.65 million, non-GAAP operating margin of 26 percent and Non-GAAP gross margin between 62 percent and 65 percent.

At time of writing, Artista Networks traded at $68.99 in Thursday's after-hours session, down 4 percent.

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