Arista Networks (NYSE:ANET) stock was up just over 7% in premarket, boosted by upbeat third-quarter revenue and the insight from the cloud networking firm that demand for AI-related services is strong.
“Customer momentum remained strong in both enterprise and cloud/AI sectors,” chief executive Jayshree Ullal said in a statement.
It reported third-quarter revenue of $1.51 billion, which marked a year-on-year improvement from $1.18 billion and beat Wall Street forecasts of $1.48 billion.
Net income came in at $545.3 million, up from $354 million in the same period last year. Earnings (adjusted) per share were reported at $1.83 versus an expected $1.58.
Pitching guidance for the fourth quarter, the company said it expects to generate $1.5 billion to $1.55 billion of revenue, while analysts have pencilled in $1.47 billion.
In New York, Arista shares were up 7.21% changing hands at $188.39.