Ubiquiti Networks (UBNT) on Friday reported fiscal first-quarter earnings and revenue that beat expectations. Ubiquiti stock jumped more than 5% right after the opening bell.
A maker of wireless networking gear, Ubiquiti earnings reached an adjusted $1.17 a share, up 27% from a year ago, with revenue rising 15% to $282.9 million.
Analysts expected Ubiquiti earnings to hit $1.05 cents a share on sales of $270.6 million for the period ended Sept 30, according to Thomson Reuters.
Ubiquiti stock gear rose 5.9% to 100.09 in morning trades on the stock market today.
Ubiquit stock is up 45% from a year ago. It trades below a technical buy point of 101.43, and formed a cup chart pattern.
San Jose, Calif.-based Ubiquiti sells wireless networking gear to rural, wireless internet service providers and large companies.
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