Wireless networking and connectivity provider Ubiquiti Networks reported a quarter with record growth, with revenues up more than 100% year-over-year and net income up more than 200% compared to the same period last year.
Revenues for the quarter were $129.7 million, an increase of 111% compared to the year-ago period and Ubiquiti’s fourth consecutive quarter of sequential double-digit revenue growth. Net income was $40.5 million, a year-over-year increase of 208% and a jump of 41% sequentially.
CFO Craig Foster told investors that the results “are firm validation that our robust business model and differentiated products are widely accepted in our target markets.”
The company shipped its 1 millionth UniFi access point since it entered the business WLAN market two years ago, added two more products to the UniFi line including the industry’s first 80211ac outdoor AP, and cracked down on a Chinese counterfeiter of its products with a legal victory that resulted in jail time. Gartner also reported that Ubiquiti had the highest market share gain in enterprise WLAN coordinated APs for the second quarter. Enterprise technology products accounted for 27% of the company’s revenues.
Ubiquiti launched a global alliance of wireless Internet service providers during the quarter, called Ubiquiti World Network; it said more than 1,000 WISPs have joined since the announcement in mid-October.
The company also pushed forward its technology for wireless broadband networking products with the introduction of its next-generation airMAX, airFiber and EdgeMAX products. Those products for service providers accounted for 73% of its revenues.
“Ubiquiti is continuing to demonstrate the financial leverage, scalability and disruptive power of our business model,” said Robert J. Pera, who is founder, CEO and executive chairman of Ubiquiti. “With our strong pipeline of innovative products, growing traction in the enterprise business and improving execution we believe that we are well positioned for future growth.”
The company projected revenues of $130 million-$136 million for its fiscal second quarter that ends Dec. 31.
