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.

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.