Ubiquiti beats 1Q profit forecasts

NEW YORK (AP) _ Ubiquiti Networks Inc. (UBNT) on Thursday reported fiscal first-quarter earnings of $74.9 million.

The New York-based company said it had net income of 92 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.

The computer networking company posted revenue of $245.9 million in the period.

For the current quarter ending in January, Ubiquiti said it expects revenue in the range of $240 million to $250 million.

Ubiquiti shares have climbed 13 percent since the beginning of the year. The stock has increased 24 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UBNT at https://www.zacks.com/ap/UBNT