Arista Networks Inc. (NYSE: ANET) topped market estimates for revenue and earnings in the second quarter of 2019. The consensus forecast was for earnings of $2.20 per share on revenue of $607 million. Despite the beat, shares were down 0.08% in aftermarket hours on Thursday.
Revenues rose 17% to $608.3 million from the prior-year quarter, helped by growth in product and service revenue.
On a GAAP basis, the company reported a net income of $189.3 million, or $2.33 per share, versus a net loss of $155.3 million, or $2.08 per share in the year-ago quarter. Adjusted net income was $198.6 million, or $2.44 per share.
GAAP gross margin was 64.1%, compared to 64.2% in the same period last year. Adjusted gross margin was 64.7% versus 64.5% last year.
During the quarter, Arista introduced the new 7800R family for 400G cloud networks and the next generation of the Arista 7500R, 7280R Series. The new platforms support 100G and 400G Ethernet and offer new telemetry and intelligence. The company also enabled cloud area networking on Microsoft Azure.
For the third quarter of 2019, Arista expects revenue of $647-657 million. On an adjusted basis, gross margin is expected to be between 63-65%, and operating margin is expected to be approx. 36%.
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