2023-03-06 17:22:00 ET
Shares of network company Arista Networks (NYSE: ANET) gained 10.1% in February, according to data provided by S&P Global Market Intelligence . The company reported financial results that were universally celebrated by Wall Street. And the stock may even be riding on the coattails of the most buzz-worthy subject on the stock market right now, contributing to its market-beating performance during the month.
On Feb. 13, Arista Networks reported financial results for the fourth quarter of 2022, capping off a great year. The company generated nearly $4.4 billion in full-year revenue, which was a 49% year-over-year increase. This was a massive acceleration from its 27% revenue growth in 2021.
Spending from the cloud titans , specifically Microsoft and Meta Platforms , drove these strong results for Arista Networks. The company's products are crucial for IT infrastructure, which has only become more important as everything becomes more data-intensive. And this led to the cloud titans more than doubling their spend in 2022 and accounting for almost half of Arista Networks' revenue.
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Why Arista Networks Stock Gained 10% Last Month