SANTA CLARA, Calif. (AP) _ Arista Networks Inc. (ANET) on Monday reported first-quarter net income of $272.3 million.

The Santa Clara, California-based company said it had net income of 85 cents per share. Earnings, adjusted for one-time gains and costs, came to 84 cents per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.

The cloud networking company posted revenue of $877.1 million in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $854 million.

For the current quarter ending in July, Arista Networks said it expects revenue in the range of $950 million to $1 billion.

Arista Networks shares have declined 18% since the beginning of the year. In the final minutes of trading on Monday, shares hit $118.19, an increase of 50% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ANET at https://www.zacks.com/ap/ANET

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News