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What: Shares of Ubiquiti Networks (NYSE:UI) have soared by as much as 21% today after the company reported earnings with a strong outlook.

So what: Total revenue in the quarter was $61.5 million, which was down significantly from the prior year and also missed expectations. Non-GAAP earnings per share came in at $0.15, again slightly worse than expected. However, the company's strong guidance made up for it.

Now what: Next quarter's guidance calls for revenue between $70 million and $78 million, with adjusted earnings per share of $0.17 to $0.20. Both top and bottom line forecasts are better than what analysts were modeling for. The company said it expects revenue recovery of its airMAX wireless Internet distribution system to drive the increased sales.

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