Arista Networks shares fall after earnings beat, in-line forecast

Arista Networks Inc. ANET, +0.90%shares dropped in the extended session Thursday despite quarterly results topping Wall Street estimates and a revenue forecast that was mostly higher than the analyst consensus. Arista shares fell 8.8% after hours, following a 0.9% rise to close at $267.85. The company reported first-quarter net income of $144.

5 million, or $1.79 a share, compared with $83 million, or $1.07 a share, in the year-ago period. Adjusted earnings were $1.66 a share. Revenue rose to $472.5 million from $335.5 million in the year-ago period. Analysts surveyed by FactSet had estimated $1.51 a share on revenue of $462.8 million. For the second quarter, Arista estimates revenue of $500 million and $514 million. Analysts expect revenue of $504.6 million.