Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Ubiquiti Networks (NYSE:UI) have climbed today by as much as 26% after the company reported earnings last night.

So what: Revenue for the quarter totalled $83.2 million, an 11% increase from the previous quarter, resulting in non-GAAP earnings-per-share of $0.24. With analysts expecting revenue and earnings per share of $80.3 million and $0.22, respectively, it is easy to see why the market is reacting the way it is. 

Now what: In spite of the strong performance, CEO Robert J. Pera stated that the company still has "high internal performance expectations" and looks "forward to the opportunity to show stronger results and execute" on the company's long-term vision. As such, the company expects to generate $90 million to 96 million during its next quarter, translating into non-GAAP EPS of $0.25 to $0.28. Revenue at this level would exceed analysts' expectations for the next quarter by at least $3 million, though the company's EPS estimates are in line with what analysts are hoping for.