Ubiquiti Inc. (UI) shares plunged 13.59 percent to $799.55, down $127.14 on Friday, despite the company reporting higher third-quarter earnings and revenue compared with last year.
Ubiquiti stock opened at $870.00 after closing previously at $926.69 on the New York Stock Exchange. The shares traded between $791.31 and $901.86 during the session, with volume reaching 148,620 shares, compared with the average daily volume of 98,974 shares.
The networking technology company posted earnings of $233.91 million, or $3.86 per share, compared with $180.44 million, or $2.98 per share, in the prior-year quarter. Adjusted earnings came in at $235.1 million, or $3.88 per share. Revenue rose 18.7 percent to $788.19 million from $664.17 million a year earlier.
The stock has traded between $362.29 and $1,099.99 over the past 52 weeks.
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