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SANTA CLARA, Calif. (AP) _ Arista Networks Inc. (ANET) on Monday reported third-quarter net income of $354 million.
The Santa Clara, California-based company said it had net income of $1.13 per share. Earnings, adjusted for one-time gains and costs, came to $1.25 per share.
The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.05 per share.
The cloud networking company posted revenue of $1.18 billion in the period, which also beat Street forecasts. Ten analysts surveyed by Zacks expected $1.06 billion.
For the current quarter ending in December, Arista Networks said it expects revenue in the range of $1.18 billion to $1.2 billion.
Arista Networks shares have dropped 16% since the beginning of the year. In the final minutes of trading on Monday, shares hit $120.86, a rise of 18% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a ANET">Zacks stock report on ANET at https://www.zacks.com/ap/ANET