Why Ubiquiti Stock Popped Today
Shares of Ubiquiti (NYSE: UI) have popped today, up by 16% as of noon EDT, after the company reported fiscal third-quarter earnings. The networking tech company crushed expectations for both the top and bottom lines.
Revenue in the fiscal third quarter jumped 18% to $337.4 million, well above the consensus estimate of $310.3 million. That all led to adjusted earnings per share of $1.61, while analysts were expecting just $1.35 per share in adjusted profit. Gross margin expanded to 47.3%, which Ubiquiti attributed to favorable shifts in product mix and decreased inventory reserves.
Image source: Ubiquiti.
Source Fool.com
