2024-05-08 17:08:33 ET
Summary
- Arista Networks reported strong Q1 earnings, beating consensus estimates and raising FY24 guidance by 200 basis points.
- The company benefited from increased enterprise spending on AI infrastructure and saw strong revenue growth in the US.
- Arista Networks announced a new buyback program, signaling confidence in the company's future prospects.
- With expanding margins and a higher enterprise mix, I'm raising my target on Arista Networks.
Investment Thesis
Arista Networks ( ANET ) posted quarterly earnings and revenue for their first quarter, FY24. The specialty cloud networking giant delivered a robust earnings beat in the first quarter but also raised FY24 guidance more than anticipated. At the same time, the company announced a new buyback program....
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Arista Networks Q1 Earnings Trifecta: Strong Earnings, Robust Outlook, New Buyback