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On October 31, 2019, after the market closed, Arista announced the Company’s financial results for the third quarter of 2019. In a press release, the Company advised investors that it “expect[ed] a sudden softening in Q4 with a specific cloud titan customer.” During the Company’s quarterly earnings call, Arista’s officers made comments that seemed to confirm that the “titan customer” was Facebook, Inc.
Following these announcements, multiple analysts downgraded Arista, and the Company’s stock price fell over 24%.