What happened

Shares of networking technology company Ubiquiti (NYSE:UI) skyrocketed on Friday, rising about 32.5% as of 11:20 a.m. EST.

The stock's gain follows record quarterly results, which included top- and bottom-line figures that were far ahead of consensus analyst estimates.

A chart showing a stock price moving higher.

Image source: Getty Images.

So what

Ubiquiti reported fiscal first-quarter revenue of $323.3 million, up 14.3% year over year. Analysts, on average, were expecting revenue of $307.7 million. The company's GAAP and non-GAAP EPS both rose 23% year over year to $1.43 and $1.44, respectively. Analysts, on average, were expecting non-GAAP earnings per share of $1.29.

Management also said it repurchased more than 3.6 million shares during the quarter at an average price of $114.49 and nearly one million shares at an average price of $120.11.

Now what

Ubiquiti is positioned to return more capital to shareholders through both dividends and repurchases. The company is set to pay out its next quarterly cash dividend of $0.30 on Nov. 25, and management initiated a new $200 million share repurchase program.