Stock Alert: Ubiquiti Stock Falls As Quarterly Results Miss View

(RTTNews) - Shares of Ubiquiti Inc. (UI), a developer of networking technology, are losing more than 17 percent in the morning trade on Friday, at $140.97, after the company's second-quarter results missed the Street estimates. The stock has been trading in a range of $107.22 to $199.91 in the past 52 weeks.

Friday, the New York-based company reported second-quarter net income of $85.8 million or $1.32 per share, up from $77.8 million or $1.09 per share in the prior-year quarter. Adjusted earnings per share for the quarter were $1.40.

Revenues for the quarter edged up to $308.3 million from $307.3 million in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.47 per share for the quarter on revenues of $335.42 million.