TMTB: ANET LSCC CDNS ZI First takes

ANET -6%: Q4 EPS beat but Product revs just in line. GMs beat. But Q1 Guide light vs. expectations. No details on CY24 guide yet

Q1 Guidance:
Rev: 1.52-1.56B vs street at 1.524B
GM: 62% vs street 62.8%
OPM: 42% vs street at 42%

Q4 Results
ADJ EPS $2.08 vs. $1.41 y/y, EST $1.71
Revenue $1.54B, +21% y/y, EST $1.54B
Product revenue $1.31B, +19% y/y, EST $1.31B
Service revenue $230.1M, +29% y/y, EST $227.7M
Cost of revenue $541.2M, +6.8% y/y, EST $574.7M
Product cost of revenue $495.8M, +5.1% y/y, EST $522.1M
Service cost of revenue $45.4M, +28% y/y, EST $44.3M
ADJ operating margin 48.3% vs. 42.6% y/y, EST 42.9%
ADJ gross margin 65.4% vs. 61% y/y