=Ubiquiti Networks (UBNT) reported earnings on Thur 3 Aug 2017 (b/o)

Ubiquiti Networks (UBNT) shares shot up in value by nearly a fourth after the maker of wireless networking gear reported better-than-expected earnings and revenue and guided investors to higher earnings in the current quarter Thursday.

Ubiquiti shares jumped out of a consolidation and into a buy zone, catapulting upward by 22% to 65.82 in morning trades on the stock market today.

Ubiquiti said Thursday that fiscal fourth-quarter earnings were 75 cents a share, up 9% from a year ago, with revenue rising 23% to $228.6 million, topping consensus estimates. A year earlier, Ubiquiti Networks earned 69 cents a share on sales of $185.7 million. Analysts expected Ubiquiti Networks to report earnings of 74 cents on sales of $220.3 million for the period ended June 30.

In the current quarter, Ubiquiti forecast GAAP profit of 85 cents vs. estimates of 79 cents. Ubiquiti said it expects revenue of $240 million, well above estimates of $226.2 million.