RTTNews | Nov 2, 2021 10:29AM EDT

10:29 Tuesday, November 2, 2021 (RTTNews.com) - California-based computer hardware company, Arista Networks, Inc. (ANET), saw the stock jump 24% higher on Tuesday after the company reported an improved net income in the third quarter on better revenue.

The company's earnings totaled $224.31 million, or $2.81 per share. This compares with $168.38 million, or $2.12 per share, in last year's third quarter. Excluding items, Arista Networks, Inc. reported adjusted earnings of $236.92 million or $2.96 per share for the period.

On average 20 analysts polled by Thomson Reuters forecast the earnings to be $2.73 per share, according to figures compiled by Thomson Reuters.

The company's revenue for the quarter rose 23.7% to $748.70 million from $605.43 million last year.The Street consensus for revenue was at $755.69 million for the quarter.

The stock is currently trading at $506.14, up $97.57 or 23.88% from the previous close at $408.57. The stock opened at $489.58 in the morning. In the 52-week period, the shares have ranged between $239.24 and $525.00 per share.

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