Monday, August 1, 2022

Arista clocks its first billion dollar quarter, acquires Pluribus

Arista Networks reported Q2 revenue of $1.052 billion, an increase of 20.0% compared to the first quarter of 2022, and an increase of 48.7% from the second quarter of 2021. GAAP gross margin was 61.2%, compared to GAAP gross margin of 63.1% in the first quarter of 2022 and 64.2% in the second quarter of 2021.

Non-GAAP net income was $342.7 million, or $1.08 per diluted share, compared to non-GAAP net income of $216.8 million, or $0.68 per diluted share in the second quarter of 2021.

Commenting on the company's financial results, Ita Brennan, Arista’s CFO said, “We are pleased with overall business momentum in the quarter with strong revenue growth driving significant EPS upside and demonstrating the inherent operational leverage of the business model.”

“In Q2 2022, we achieved our first billion-dollar revenue quarter, despite the challenges of an uncertain supply chain environment,” said Jayshree Ullal, President and CEO of Arista Networks. “This record milestone further validates the customer value of Arista’s differentiated cloud networking platforms, now adopted by many of the largest cloud and enterprise customers around the world.”

Arista also noted its acquisition of privately-held Pluribus Networks.  Financial terms were not disclosed. Pluribus, which was based in Palo Alto, California, developed software-defined cloud fabrics. Ericsson has been partnering with Pluribus Networks for the unified cloud network fabric of the Ericsson NFVI solution since 2016.  Pluribus has also been endorsed by NVIDIA for DPU-based networking.

Arista also noted on-going supply chain issues.

  • Over the years, Pluribus announced $145 million in venture funding over multiple rounds.

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