Why Arista Networks Was Trading Flat Today After Crushing Q2 Estimates

After experiencing an after-market pop on Monday, Arista Networks (NYSE: ANET) rose nearly 5% in Tuesday trading. Later in the day investor sentiment cooled on the stock, leaving it basically flat over Monday's close as of late afternoon trading. Those initial flurries of excitement were due to the company's latest set of quarterly results.

Arista unveiled its second-quarter results following Monday's market close. These revealed that the cloud-based networking specialist notched its first billion-dollar quarter, with revenue hitting $1.05 billion for the period. This was a robust 49% higher on a year-over-year basis. Not to be outdone, non-GAAP (adjusted) net income rocketed 58% higher to reach nearly $343 million ($1.08 per share).

Both headline figures trounced the average analyst estimates. Collectively, prognosticators following the stock were modeling less than $980 million on the top line, and only $0.92 in adjusted, per-share net income.

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Source Fool.com