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Shares of cloud-based software provider Arista Networks (ANET) plunged even more on Friday after the company beat analysts' profit forecasts but warned of weaker second-quarter sales and operating margins.

Shares of Arista were down 15.6% to $261.84 in mid-morning trading on the New York Stock Exchange after lowering its second-quarter revenue guidance to between $600 million and $610 million, below current analyst consensus forecasts of $639.3 million.

The company also lowered expectations for gross margin - between 64% and 65% - and operating margin to approximately 36%.

The guidance overshadowed an otherwise strong first quarter for the Santa Clara-based company.

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Arista said it earned net income of $187.7 million, or $2.31 a share, vs. $134.1 million, or $1.66 a share, in the comparable year-earlier period. Analysts polled by FactSet had been expecting per-share earnings of 42.06 a share.

Revenue came in at $595.4 million, essentially flat compared to the fourth quarter of 2018 and an increase of 26% from the comparable year-earlier quarter. Gross margin - a key metric for software-based companies - was 64.5% vs. 64.4% a year ago.

Separately, the company also announced that it authorized a $1 billion stock repurchase program, to expire in April 2022.