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 thesis.

What: Shares of Ubiquiti Networks, (NASDAQ:UBNT) rose more than 10% during Friday's intraday trading, then settled to close up around 4% after the company turned in solid fiscal second-quarter results.

So what: Quarterly revenue rose 85% year over year, to $138.5 million, which translated to adjusted earnings that more than doubled, to $0.48 per diluted share. Analysts, on average, were expecting earnings of $0.45 per share on sales of $133.33 million.

In addition, Ubiquiti projects current quarter revenue between $138 million and $144 million, with adjusted earnings per share between $0.47 and $0.51. By contrast, analysts were expecting fiscal Q3 earnings of $0.46 per share on sales of $137.52 million.

Now what: The numbers were great all around, so it's hard to blame investors for bidding shares up today. Shares may not look particularly cheap trading at 21 times next year's estimated earnings, but I think that's a well-deserved premium given Ubiquiti's growth.

With a healthy balance sheet and assuming it can maintain its momentum going forward, there's no reason Ubiquiti shouldn't continue to reward long-term investors.

Steve Symington has no position in any stocks mentioned. The Motley Fool recommends Ubiquiti Networks. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.