What happened

Shares of Ubiquiti Networks Inc. (NASDAQ:UBNT) were up 13.6% as of 3:30 p.m. EDT Thursday after the wireless networking products specialist announced better-than-expected fiscal third-quarter 2018 results.

Quarterly revenue climbed 14.7% year over year to $250.4 million and translated to adjusted net income of $76 million, or $0.98 per diluted share. By comparison, Ubiquiti's guidance -- provided last quarter -- called for adjusted earnings per share of $0.92 to $0.99, and revenue between $245 million and $260 million. And analysts, on average, were only looking for earnings of $0.93 per share on revenue of $247.9 million.

Ubiquiti Networks wireless networking hardware sitting on a small wooden shelf.

IMAGE SOURCE: UBIQUITI NETWORKS.

So what

Ubiquiti bolstered its per-share earnings by repurchasing nearly 4.4 million shares of common stock through May 7, 2018 at an average price of $66.53 per share. Earlier today, the company followed by initiating a new $200 million stock repurchase program.

Within its top line, Ubiquiti Networks' growth was composed of a 31.6% increase in Enterprise Technology revenue, to $149.5 million, partially offset by a 3.6% decline in Service Provider Technology revenue, to $100.9 million.

Now what

Looking to the full fiscal year, Ubiquiti reiterated last quarter's assertion that it's on track to meet the low end of its previous guidance ranges. As a reminder, that guidance was initially provided with Ubiquiti's fiscal fourth-quarter 2017 report last August, and called for revenue of $1.0 billion to $1.15 billion, with earnings per share of $3.70 to $4.30. Here again, that compares favorably to Wall Street's latest expectations for full fiscal-year earnings of $3.61 per share on revenue of $1.01 billion.

In the end, this was a relatively straightforward quarterly beat from Ubiquiti Networks. With shares still yet to fully recover from two big drops in February -- the first following its mixed quarterly report, and the second after the company disclosed it was cooperating with vague subpoenas from the SEC "relating to a range of topics" -- it's no surprise to see the stock rebounding today.

Steve Symington has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Ubiquiti Networks. The Motley Fool has a disclosure policy.