May 5 - Arista Networks ANET.N topped Wall Street estimates for the first quarter and forecast second-quarter results slightly ahead of estimates on Tuesday, but the beat fell short of investors' elevated expectations after a sharp rally in the networking equipment maker's shares.

Arista shares were down about 13% in extended trading, after having risen roughly 30% so far this year.

• For the quarter ended March 31, Arista's revenue was $2.71 billion, beating analysts' estimates of $2.61 billion, according to data compiled by LSEG.

• It earned 87 cents per share on an adjusted basis during the quarter, compared with 81 cents per share a year earlier.

• "The market is used to strong beats from Arista, and today, we don’t think the beat and full-year guidance raise was enough for the market. We suspect investors were pricing in a stronger guide, and thus the shares are selling off," said William D. Kerwin, senior analyst at Morningstar.

• Arista forecast second-quarter revenue of $2.8 billion, compared with analysts' estimates of $2.77 billion.

• Second-quarter profit per share is expected at about 88 cents, slightly above estimates of 85 cents.

• Based in Santa Clara, California, Arista's high-speed Ethernet switches are crucial for connecting thousands of AI processors, like those from Nvidia NVDA.O, in massive data centers and cloud computing environments.

• Demand from its largest customers, cloud titans Meta Platforms META.O and Microsoft MSFT.O, has been a primary growth driver for the company as tech firms invest billions to expand their AI services.

• Over the past several years, Arista has been expanding beyond its core cloud vertical into the larger enterprise campus and branch networking markets.