全球科技业绩快报：Arista2Q25

Investment Rating - The report provides an investment rating of "Outperform" for the company, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark by more than 10% [23]. Core Insights - In Q2 2025, the company's revenue reached $2.2 billion, exceeding expectations by $100 million, with a year-over-year growth of 30.4% [7][8]. - The non-GAAP gross margin was reported at 65.6%, surpassing previous guidance of 63%, and showing improvements from both the previous quarter and year [7][8]. - The company has raised its full-year revenue growth expectation for 2025 from 17% to 25%, with the target revenue increased from $8.2 billion to $8.75 billion, driven by growth in AI, cloud, and enterprise sectors [9][10]. Revenue and Growth - Q2 2025 revenue was $2.2 billion, a 30.4% increase year-over-year, with software and service renewals contributing approximately 16.3% [7][8]. - The company expects Q3 revenue to be around $2.25 billion [11]. Profit Metrics - Operating income in Q2 2025 surpassed $1 billion for the first time, reaching $1.08 billion, which accounted for 48.8% of revenue; net profit was $923.5 million, or 41.9% of revenue [8]. - Diluted earnings per share were reported at $0.73, reflecting a year-over-year increase of 37.7% [8]. Gross Margin and Operating Margin - The expected gross margin for 2025 is projected to be between 63% and 64%, with an operating margin of approximately 48% [10]. AI Network Business Progress - The company has positioned its AI network solutions as the preferred platform for various AI accelerators, primarily supporting NVIDIA GPUs and initiating collaborations with AMD and other startups [12]. - The back-end AI network revenue target is set at $750 million, with overall AI network revenue expected to exceed $1.5 billion by 2025 [12][13]. - The Etherlink product portfolio is noted as the most comprehensive solution in the industry, enhancing GPU utilization and reducing data exchange times by 30% to 50% [13].