Ubiquiti Shares Gain on Higher 1Q Profit, Revenue

Dow Jones
20 hours ago
 

Shares of Ubiquiti climbed after the company reported sharply higher profit and revenue in the recent quarter.

The stock rose 17%, to $599.88, on Friday. Shares are up nearly 6% year to date.

The company before the bell reported a fiscal first-quarter profit of $320.5 million, or $5.29 a share, up from $207.9 million, or $3.43 a share, a year earlier.

Stripping out certain one-time items, adjusted earnings came in at $5.32 a share.

Revenue rose 40% to $1.03 billion. The company attributed the gain to growth in both its enterprise-technology and service-provider-technology platforms.

Enterprise-technology revenue jumped 43% to $941.3 million, while service-provider-technology revenue climbed 11% to $84.9 million.

Ubiquiti said it continues to face higher costs and supply-chain constraints for certain components, warning that the trends may result in near-term pressure on margins and inventory.

 
 

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