Why Arista Networks Stock Rocketed Higher Today

Shares of Arista Networks (NYSE: ANET) charged sharply higher Tuesday, spiking as much as 22.9%. As of 3:24 p.m. ET, the stock was still up 19%.

The catalyst that sent the high-speed networking solutions provider soaring was its quarterly results, generating record double-digit growth on both the top and bottom lines, which was far better than investors had hoped for.

For the second quarter, Arista generated record revenue of $1.5 billion, an increase of 39% year over year and up 8% sequentially. This resulted in non-GAAP (adjusted) earnings per share (EPS) of $1.58, which jumped 46%.

Source Fool.com