This Top AI Stock Tanked After Earnings -- Time to Buy the Dip?
Shares of top data center company Arista Networks (NYSE: ANET) tanked on great financial results in the first quarter of 2023. As a new era of computing gets underway, led by generative AI services like ChatGPT, it seems investors had even higher hopes for Arista Networks than what it could realistically deliver.
This has nonetheless been a fantastic long-term growth stock, up nearly 900% since its IPO in 2014, and Arista management still anticipates strong growth this year. Is it time to buy the dip?
First, as far as Q1 headline numbers go, revenue was up 54% year over year to $1.35 billion, and adjusted operating profit margin was a stellar 41.2% -- both metrics above management's guidance provided a few months ago.
Source Fool.com
