What happened Shares of Ubiquiti (NYSE: UI) have popped today, up by 20% as of 12:55 p.m. EST after the company reported better-than-expected earnings. The results utterly demolished consensus estimates. So what Revenue in the fiscal first quarter increased by 47% to $473.5 million which blew past analysts' expectation of just $314.3 million in sales. That translated into adjusted net income of $157.1 million, or $2.47 per share, which was also significantly above the $1.45 per share in adjusted profits that Wall Street was modeling for. Image source: Getty Images. The networking technology company posted strong growth in both of its main product segments. The service-provider segment saw sales jump 36% while the enterprise business grew by over 52%. That helped expand Ubiquiti's gross margin from 46.8% a year ago to 48.2%. Ubiquiti declared a dividend of $0.40 per share that will be payable to shareholders of record as of Nov. 16. The company also repurchased over 600,000 shares of stock during the quarter at an average price of $162.10. Now what Ubiquiti did not provide any guidance for the fiscal second quarter but noted that it continues to face supply-chain disruptions from the COVID-19 pandemic. The company's suppliers are having a hard time manufacturing or sourcing key components, which is resulting in higher logistics costs for Ubiquiti. The situation started to improve during the quarter, but Ubiquiti warns that the challenges have not been fully resolved yet and may potentially impact future results. 10 stocks we like better than Ubiquiti Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Ubiquiti Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool recommends Ubiquiti Inc. The Motley Fool has a disclosure policy.Source