NEW YORK - Ubiquiti Inc. (NYSE:UI) reported fiscal third-quarter results that exceeded analyst expectations, driven by strong demand for its enterprise technology products on Friday.
The company’s shares jumped 4.18% in pre-market trading after the earnings release.
The company posted adjusted earnings per share of $3.00, handily beating the consensus estimate of $2.22. Revenue surged 34.7% year-over-year to $664.2 million, well above analysts’ projections of $599.58 million.
Ubiquiti’s enterprise technology segment was the key growth driver, with revenue soaring 41.4% to $585.7 million compared to the same period last year. The service provider technology segment saw relatively flat sales of $78.4 million.
Gross margin expanded significantly to 44.5%, up from 35.3% in the year-ago quarter, helped by favorable product mix and lower tariffs.
The company maintained its quarterly dividend of $0.60 per share, payable on May 27 to shareholders of record as of May 19.
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