A technician installing a Ubiquiti Networks wireless device. Credit: Ubiquiti Networks via Facebook.

Shares of Ubiquiti Networks (NYSE:UI) stock soared 11% in late trading after reporting fiscal Q2 results that beat estimates. Here's a closer look at the final totals versus Wall Street's projections:

Ubiquiti NetworksRevenueYOY GrowthEPSYOY Growth
Consensus estimate $150.43 million 8.7% $0.48 0%
Fiscal Q2 actuals $153.14 million 10.6% $0.53 10.4%
DIFFERENCE $2.71 million 1.9% $0.05 10.4%

Sources: S&P Capital IQ and Ubiquiti Networks press release.

"We are excited about the opportunities ahead for our new Enterprise Technology products and the new airFiber platform, airFiber X," said Robert J. Pera, Founder and Chief Executive Officer of Ubiquiti Networks, in a press release. "We are also enthusiastic about the early results of airMAX AC and the growth of our EdgeMAX routing and switching technologies."

What went right: Heavy bets on new technology -- costs that crippled Q1 results -- are starting to pay off. Revenue in the emerging Enterprise Technology sector nearly doubled, to $53.4 million from $27 million in the year-ago quarter. Strong demand for the company's UniFi platform appears to be fueling the gains. All told, Enterprise Technology sales accounted for 34.9% of Ubiquiti's fiscal Q2 revenue. That's up from just 19.5% a year ago.

What went wrong: Too much of Ubiquiti's growth is centered in North America. Sales in both South America and Asia Pacific were down year over year while Europe, Middle East, and Africa revenue improved 1%. North America's 66.2% jump appears to have covered weakness elsewhere, and may not be sustainable.

What's next: Looking ahead, Ubiquiti Networks is modeling for $146 million and $158 million in revenue, and $0.45 to $0.50 in non-GAAP profit in fiscal Q3. Analysts tracked by S&P Capital IQ are calling for $157.56 million and $0.50 a share, respectively.

Longer term, analysts have Ubiquiti Networks generating 19.16% average annual earnings growth during the next three-to-five years.