President and CEO of Arista Networks Jayshree Ullal
Scott Mlyn | CNBC
Networking company Arista Networks shares jumped as much as 22% in mid-day trading Tuesday to reach a 52-week high, after its second quarter earnings report released Monday showed stronger-than-expected revenue and profit growth.
The company reported second quarter revenue of $1.46 billion, beating Refinitiv consensus estimates of $1.38 billion and up nearly 39% from the year-ago quarter. Arista also reported adjusted earnings of $1.58 per share, compared to consensus estimates of $1.44 per share. GAAP net income came in at $492 million, up 64% from $299 million in the year-ago quarter.
The company also offered strong guidance of between $1.45 billion and $1.5 billion for Q3 revenue, ahead of consensus estimates of $1.39 billion according to analysts surveyed by Factset.
Arista shares are up nearly 56% this year.
