Arista Passes $2B Run Rate with $519.8M 2Q Revenue, Up 28.3% YoY
Santa Clara, Calif. – Arista Networks, an industry leader in software-driven, cognitive cloud networking for large-scale datacenter and campus environments, today announced financial results for its second quarter ended June 30, 2018.
Second Quarter Financial Highlights
- Revenue of $519.8 million, an increase of 10.0% compared to the first quarter of 2018, and an increase of 28.3% from the second quarter of 2017.
- GAAP gross margin of 64.2%, compared to GAAP gross margin of 64.1% in the first quarter of 2018 and 64.1% in the second quarter of 2017.
- Non-GAAP gross margin of 64.5%, compared to non-GAAP gross margin of 64.4% in the first quarter of 2018 and 64.4% in the second quarter of 2017.
- GAAP net income of $150.7 million, or $1.86 per diluted share, compared to GAAP net income of $102.7 million, or $1.30 per diluted share, in the second quarter of 2017.
- Non-GAAP net income of $155.7 million, or $1.93 per diluted share, compared to non-GAAP net income of $105.5 million, or $1.34 per diluted share, in the second quarter of 2017.
"Arista is one of the fastest networking companies to achieve a $2 billion annual revenue rate, driven by its industry leadership in software-defined networking," stated Jayshree Ullal, Arista President and CEO. "In Q2 2018 we comfortably surpassed the $500 million revenue mark with record profitability."
Commenting on the company's financial results, Ita Brennan, Arista's CFO, said, "The team continues to demonstrate consistent execution, driving healthy revenue growth and earnings expansion."
Arista Extends the Campus to Cognitive WiFi Networking
Arista today also announced that it will acquire Mojo Networks, the inventor of Cognitive WiFi and a leader in cloud-managed wireless networking. The parties expect to close the transaction in Q3 2018. "We are excited about Arista's first acquisition transaction and its significance to Arista's cognitive campus vision. We welcome the Mojo Networks employees to the Arista family." stated Ms. Ullal.