What: Shares of Ubiquity Networks (NASDAQ:UBNT) climbed 19.6% in November, according to S&P Capital IQ data, on the heels of the company's better-than-expected fiscal first-quarter 2016 results. Even after weathering a pair of revenue shortfalls in its previous two quarters, the pop leaves Ubiquity Networks stock sitting almost 16% higher for the year:

UBNT Chart

UBNT data by YCharts.

So what: Specifically, Ubiquity Networks' revenue grew a modest 0.87% year over year to $151.4 million. But that was also above the mid-point of Ubiquity's guidance, which called for revenue of $145 million to $155 million. Ubiquity's bottom line was more impressive; adjusted net income rose 4.8% to $45.5 million, and -- thanks to share repurchases over the past year -- climbed 6.3% on a per-share basis to $0.51. Again, this was near the top of Ubiquitiy's prior outlook for adjusted earnings per share in the range of $0.47 to $0.52.

Now what: As fellow Fool Tim Beyers pointed out shortly after the report, however, investors should keep a close eye on Ubiquity's UniFi solutions, which Ubiquity CEO Robert Pera called a "huge disappointment" despite their outsized role in driving seemingly solid 12.1% year-over-year growth for the enterprise technology segment. That said, Pera also expressed optimism that UniFi growth would accelerate in the coming year, thanks to a combination of improved R&D productivity and all-around business execution in recent months. If UniFi can indeed pick up the pace and help Ubiquity Networks achieve more attractive rates of profitable growth going forward, I suspect the stock's future gains could make its recent pop appear as little more than a blip on the radar for patient, long-term investors.