24H | Arista Networks Soars 13%; Chip & Storage Shares Jump With SOXL up over 3%; Lam Research, ASML up over 2%; Western Digital, SanDisk up over 1%
Shares of Arista Networks surged 12.69% in overnight trading as booming networking demand for artificial intelligence drove up the company's fourth-quarter revenue.
Arista's revenue jumped to $2.49 billion, up from $1.93 billion a year earlier, and beating Wall Street's expectation of $2.38 billion in revenue, according to FactSet.
"Arista's momentum is clear," Chief Executive Jayshree Ullal told analysts on a call Thursday. "We find ourselves at the epicenter of mission critical network transactions. We are becoming the preferred network innovator of choice for client-to-cloud and AI networking."
Chip and storage shares jumped in overnight trading. SOXL up over 3%; Lam Research, ASML up over 2%; Western Digital, SanDisk up over 1%.
Applied Materials forecast second-quarter revenue and profit above market estimates on Thursday, betting on a boom in demand for AI processors and a worldwide memory shortage to help drive sales of its chipmaking equipment.
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