SANTA CLARA, Calif. - Arista Networks , Inc. (NYSE: NYSE:ANET), a prominent player in data-driven networking solutions, shared its financial outcomes for the fourth quarter and the full year that concluded on December 31, 2023. The company reported a significant revenue increase of 33.8% for the full year, reaching $5.86 billion compared to the previous fiscal year.
The company's GAAP net income also saw a substantial rise to $2.09 billion, or $6.58 per diluted share, up from $1.35 billion, or $4.27 per diluted share, in 2022. Non-GAAP net income followed suit, climbing to $2.20 billion, or $6.94 per diluted share, from $1.45 billion, or $4.58 per diluted share, in the prior year.
For the fourth quarter, Arista's revenue stood at $1.54 billion, marking a 2.1% increase from the third quarter of 2023 and a 20.8% rise from the fourth quarter of the previous year. The GAAP and non-GAAP gross margins for the quarter were reported at 64.9% and 65.4%, respectively, showcasing improvements over both the previous quarter and the same period in 2022.
Chantelle Breithaupt has been announced as the incoming CFO, set to take her position in February 2024. She expressed her enthusiasm for contributing to the leadership team and the continued delivery of innovative networking solutions to meet the demanding needs of enterprise, cloud, and AI customers.
Arista's financial outlook for the first quarter of 2024 anticipates revenues between $1.52 billion and $1.56 billion, with non-GAAP gross and operating margins projected at approximately 62% and 42%, respectively.
The company highlighted several achievements over the year, including the introduction of its Arista 7130 Series for 25G ultra-low latency networking, an expanded zero trust networking architecture, and surpassing 75 million cloud network ports shipped cumulatively. Additionally, Arista was recognized as a leader in network analysis and visibility by The Forrester Wave™ and introduced new AI-driven network identity services.
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