Why Ubiquiti Shares Popped Today
Shares of Ubiquiti (NYSE: UI) popped as much as 13% this morning after the company reported fiscal second-quarter earnings that easily beat analyst expectations. As of 11:15 a.m. EST, the stock had given back some of those gains but was still up 6%.
Revenue in the fiscal second quarter increased 56% to $479.4 million, well above the consensus estimate of $364 million. That resulted in adjusted earnings per share of $2.53, while Wall Street analysts were modeling for just $1.77. The networking technology company also repurchased $55 million worth of its stock during the quarter.
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Source Fool.com
