Image source: Ubiquiti Networks, Inc.

What: Shares of Ubiquiti Networks Inc. (NASDAQ:UBNT) jumped 10% Friday after the network communications platform company released stronger-than-expected fiscal fourth-quarter 2016 results.

So what: Quarterly revenue grew 27.8% year over year, to $187.5 million, primarily driven by an 89% increase in enterprise technology revenue thanks to strong global demand for Ubiquiti's UniFi family of products. Based on generally accepted accounting principles (GAAP), that translated to net income of $57.7 million, or $0.69 per diluted share. On an adjusted basis, which excludes items like stock-based compensation, net income grew 32% year over year, to $58.2 million, or $0.69 per diluted share.

For perspective, Ubiquiti's guidance provided in May called for lower revenue between $170 million and $180 million, GAAP earnings per diluted share of $0.60 and $0.66, and adjusted diluted EPS of $0.61 to $0.67.

Now what: For the current fiscal 2017 first quarter, Ubiquiti now expects revenue between $180 million and $190 million, GAAP diluted earnings per share of $0.67 to $0.73, and adjusted earnings per share of $0.68 to $0.74. Here again -- and though we don't pay much attention to Wall Street's short-term demands -- guidance easily outpaced analysts' consensus estimates, which called for Ubiquiti to achieve fiscal Q1 revenue of $171.31 million and adjusted earnings of $0.61 per share.

In the end, this was another solid quarterly beat from Ubiquiti as its new products continue to enjoy broad-based worldwide demand, and it's no surprise to see the stock trading at a fresh 52-week high today.