2023-05-02 12:54:32 ET
Shares of Arista Networks (NYSE: ANET) , a cloud networking provider, were tumbling today after the company reported its first-quarter financial results. Surprisingly, the tech stock was falling despite beating analysts' top- and bottom-line consensus estimates.
Investors instead focused their attention on the fact that Arista's management said that spending from some of its biggest customers could slow down. That sent the stock down by 14.9% as of 12:34 p.m. ET.
Arista reported non-GAAP (adjusted) earnings per share of $1.43 for the first quarter, which was up from $0.84 in the year-ago quarter and ahead of Wall Street's average estimate of $1.34.
For further details see:
Why Arista Networks Stock Is Falling Today