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Arista Networks: 1Q Earnings Snapshot

SANTA CLARA, Calif. (AP) _ Arista Networks Inc. (ANET) on Thursday reported first-quarter net income of $201 million.

The Santa Clara, California-based company said it had net income of $2.47 per share. Earnings, adjusted for one-time gains and costs, were $2.31 per share.

The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $2.07 per share.

The cloud networking company posted revenue of $595.4 million in the period, also topping Street forecasts. Eleven analysts surveyed by Zacks expected $594.2 million.

For the current quarter ending in July, Arista Networks said it expects revenue in the range of $600 million to $610 million.

Arista Networks shares have risen 48% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $311.01, an increase of 17% 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