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Arista Networks shares drops on fourth quarter results

Last updated: 09:23 16 Feb 2018 EST, First published: 04:23 16 Feb 2018 EST

Trader shock
Arista shares were down 15.5%

Arista Networks Inc (NYSE:ANET) stock dropped around 15% ahead of Friday’s open in the wake of fourth quarter results.

The technology group reported earnings of US$103.8mln for the three month period, which equated to US$1.29 per share, Revenue for the period came in at US$467mln, representing a 43% improvement from the same quarter of 2016.

For the full year, earnings amounted to US$5.61 per share on revenue of US$1.6bn.

Meanwhile, the company gave a softer-than-anticipated guidance for the first quarter of 2018 with revenue predicted at US$450-US$469mln and growth margin set at 63-65%.

Jayshree Ullal, Arista President chief executive, said: "2017 represents a market tipping point with Arista’s disruptive software-driven architecture gaining mainstream acceptance as we surpassed 15 million cumulative ports of cloud networking.”

Arista shares were down 47.7 cents or 15.5% changing hands at US$260.25.

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