With the emergence of cloud radio access network (C-RAN) architecture, latency in fronthaul (FH) network is a critical performance metric especially for ultra-reliable and low-latency communication applications. The stringent FH capacity and latency requirements of C-RAN can be relaxed by offloading some baseband functionalities to remote radio unit (RRU), referred to as functional splitting. This allows packetized FH network solutions such as ubiquitous Ethernet. In this paper, we calculate the FH latency in the uplink of a C-RAN system with massive MIMO-based RRUs and 3GPP functional Split 7, wherein MIMO equalization is done at the RRU. We derive tractable, closed-form expressions for the steady-state probabilities of queue length and sojourn time distribution at the output port of an Ethernet switch in the FH network. We first present these results for Poisson file arrivals from users in the network and exponential file size distribution. We then extend the results to general file size distribution. The numerical results show that the file size and spectral efficiency of the users are critical in determining the FH latency. Further, results show that switch speed can be decreased without incurring significant increase in FH latency revealing the possibility for statistical multiplexing gains. © 2019 IEEE.