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Ubiquiti shares surged 17% to $599.88 on Friday after the networking equipment company reported higher fiscal first-quarter profit and revenue. Revenue increased 40% to $1.03 billion, while net profit rose to $320.5 million from $207.9 million a year earlier.
Earnings were $5.29 a share, compared with $3.43 a share in the year-earlier quarter. Excluding certain one-time items, adjusted earnings were $5.32 a share. Shares are up nearly 6% year to date.
Revenue grew across both of Ubiquiti’s platforms. Enterprise-technology revenue rose 43% to $941.3 million, and service-provider-technology revenue increased 11% to $84.9 million. The company attributed the overall gain to growth in both businesses.
Ubiquiti said higher costs and supply-chain constraints affecting certain components remain challenges. It warned those trends could put near-term pressure on margins and inventory.
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