Arista Networks: Q3 Earnings Snapshot

SANTA CLARA, Calif. (AP) — SANTA CLARA, Calif. (AP) — Arista Networks Inc. (ANET) on Tuesday reported third-quarter net income of $1.56 billion.

On a per-share basis, the Santa Clara, California-based company said it had net income of $1.22. Earnings, adjusted for one-time gains and costs, came to $1.20 per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.

The cloud networking company posted revenue of $3.66 billion in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $3.31 billion.

For the current quarter ending in December, Arista Networks expects its per-share earnings to range from $1.26 to $1.30.

The company said it expects revenue in the range of $3.9 billion to $4 billion for the fiscal fourth quarter.

Arista Networks shares have increased 29% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $168.45, a rise of almost 7% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ANET at https://www.zacks.com/ap/ANET