For example, in its 2022 annual report, Arista said that purchases by Microsoft Corp. (NASDAQ: MSFT) and Meta Platforms Inc. (NASDAQ: META) accounted for more than 10% of total revenue. That’s the case with Arista Networks Inc. (NYSE: ANET), which sold off hard after its first-quarter report in early May, but quickly staged a big turnaround. Since at least late 2022, analysts have fretted that large enterprise customers would cut back on cloud and network spending, in the face of inflation and recession fears.