American computer networking company Arista Networks (ANET) has reported solid third-quarter 2021 results. Adjusted earnings per share (EPS) rose 22.3% year-over-year to $2.96, surpassing the Street’s estimate of $2.73 per share. (See Insiders’ Hot Stocks on TipRanks) Total revenue soared 23.7% to $748.7 million and outpaced the consensus estimate of $738.3 million. Product revenue (80.7% of net sales) increased 25.8% to $604.2 million. Service revenue rose 15.5% to $144.5 million. Alongside earnings, the company announced an increase in its share buyback program by up to $1 billion. Further, its board of directors approved a four-for-one stock split.
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