Arista Networks stock soared Tuesday after the network infrastructure company reported better-than-expected second-quarter earnings.

The results provided further evidence that demand for artificial-intelligence services is accelerating, with hardware suppliers like Arista among the main beneficiaries.

Arista reported adjusted earnings of $1.02 a share for the second quarter, up from 73 cents last year and above analysts' call for 89 cents, per FactSet. Revenue rose 38% from a year ago to $3.04 billion, surpassing Wall Street's call for $2.83 billion.

Shares surged 10% to $209.8 in late trading. The stock was up 45% this year ahead of the earnings report. If those gains hold, Arista will have a market capitalization of more than $250 billion for the first time.

"Customers see networking as the central nervous system for infrastructure from the client to campus to data and AI centers," CEO Jayshree Ullal said in a statement.

Arista expects adjusted earnings per share of $1.06 to $1.08 on $3.3 billion in revenue in the third quarter. Analysts had expected earnings of 92 cents a share and revenue of $2.95 billion.