What happened

Shares of Ubiquiti (NYSE:UI) soared 55.8% in November, according to data from S&P Global Market Intelligence, after the networking technology company announced significantly stronger-than-expected fiscal first-quarter 2020 results.

To be sure, Ubiquiti stock popped 36% on Nov. 8, 2019, alone -- the first trading day after its quarterly update hit the wires.

Ubiquiti Networks router sitting on a contemporary white bookshelf.

IMAGE SOURCE: UBIQUITI.

So what

More specifically, Ubiquiti's quarterly revenue climbed 14.3% year over year to $323.3 million, driven by 16.5% growth in enterprise technology segment revenue (to $207.4 million) and a 10.5% increase in service provider technology segment revenue (to $115.9 million). On the bottom line, that translated to adjusted net income of $98.7 million, or $1.44 per share. Analysts, on average, were only expecting revenue of $308 million and adjusted earnings of $1.29 per share.

Now what

It certainly helped that -- leading up to last month's quarterly report -- Ubiquiti stock had plunged around 25% from its all-time high set in May despite posting reasonably strong results at the time. What's more, the company achieved its relative outperformance last quarter in spite of higher tariffs, alleviating concerns over the impact of the U.S.-China trade war on its results and cementing its status as a top pick for growth-hungry investors.

In the end, Ubiquiti's latest quarter was exactly what bullish investors needed to see, and the stock understandably rallied to a fresh all-time high in response.