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Why Ubiquiti Networks Stock Skyrocketed Today

TheMotleyFool

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Why Ubiquiti Networks Stock Skyrocketed Today

Shares of Ubiquiti Networks (NASDAQ: UBNT) have skyrocketed today, up by 20% as of 12:30 p.m. EDT, after the company reported better-than-expected fiscal fourth-quarter results.

Revenue in the fourth quarter rose 23% to $228.6 million, driven by strong enterprise technology sales from increased adoption of Ubiquiti's UniFi products. Non-GAAP net income came in at $61 million, or $0.75 per share. Analysts were only expecting $0.69 per share in adjusted profits.

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Source: Fool.com