Ubiquiti Networks stock heads for best day since 2013 after big earnings beat
Shares of Ubiquiti Networks Inc. are up 18.3% in Friday morning trading after the company posted better-than-expected earnings and revenue for its fiscal second quarter. The stock is on track for its best single-day performance since May 2013, when it gained 18.6%. Shares are on pace to close at an all-time high. The company reported net income of $77.8 million, or $1.09 a share, compared with a loss of $51.5 million, or 66 cents a share, in the year-earlier period. Adjusted EPS climbed to $1.33 from 76 cents and came in far ahead of the FactSet consensus of $1.03. Ubiquiti generated revenue of $307.3 million in the quarter, up from $250.8 million a year ago. Analysts surveyed by FactSet had been modeling $279.5 million. The stock has risen 34% over the past three months, as the S&P 500 has gained 0.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.