Ubiquiti Inc. (UI) announced a decline in profits for the third quarter, as compared to the same period last year, failing to meet market predictions.
The company's profits amounted to $76.3 million, or $1.26 per share, which contrasts with the $98.6 million or $1.63 per share recorded in the third quarter of the previous year.
When accounting for other factors, Ubiquiti Inc.'s adjusted earnings stand at $77.6 million or $1.28 per share for this period.
On average, analysts anticipated the company to deliver earnings of $1.56 per share, according to data collated by Thomson Reuters. These estimates usually disregard special items.
The company's revenue for the quarter increased by 7.7%, reaching $493.0 million from $457.8 million during the same period last year.
A glance at Ubiquiti's earnings based on the Generally Accepted Accounting Principles (GAAP) reveals:
- Earnings for Q3 came in at $76.3 million, as opposed to $98.6 million during the same period last year.
- Earnings per share (EPS) for Q3 were at $1.26, compared to $1.63 last year.
- Revenue for Q3 was recorded at $493.0 million, up from $457.8 million last year.
