Arista Networks Inc. said its normalized net income for the first quarter was 59 cents per share, compared with the S&P Capital IQ consensus estimate of 86 cents per share.

EPS rose 39.3% year over year from 43 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $46.1 million, an increase of 49.5% from $30.8 million in the year-earlier period.

The normalized profit margin increased to 13.7% from 12.7% in the year-earlier period.

Total revenue rose 38.5% year over year to $335.5 million from $242.2 million, and total operating expenses rose 36.2% on an annual basis to $262.1 million from $192.5 million.

Reported net income increased 136.7% from the prior-year period to $82.7 million, or $1.07 per share, from $34.9 million, or 48 cents per share.