SAN JOSE, Calif. (AP) — Ubiquiti Networks Inc., which makes Wi-Fi networking equipment, on Thursday said its profit nearly tripled in its first quarter as a public company.
Ubiquiti said its fiscal first-quarter net income rose to $21.5 million, or 23 cents per share, for the three months ended Sept. 30. That compared with net income of $7.6 million, or 7 cents per share, in the year-ago quarter.
Revenue more than doubled to $79.2 million, from $34.1 million last year.
CEO Robert Pera said the quarter’s results in part reflected the introduction of its AirVision IP video surveillance platform, its third product. The company expects to introduce several additional technologies this fiscal year.
For the second quarter, the company expects earnings to be between 10 cents and 11 cents per share, or 24 cents to 25 cents on an adjusted basis. It forecast revenue between $83 million and $86 million.
In very light aftermarket trading, Ubiquiti shares added $1.30, or 7 percent, to $19.90. The stock closed Thursday’s regular session down 12 cents at $18.60.
Shares have traded between $16.25 and $21.50 since the company held its initial public offering Oct. 14.