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Aug 23, 2024 8:50 AM

Why Is Network Equipment Provider Ubiquiti Stock Diving Premarket Friday?

Ubiquiti Inc. (NYSE:UI) shares are trading lower premarket Friday after the company reported fourth-quarter results.

Revenues grew 3.3% Y/Y to $507.5 million, missing the consensus of $511.62 million. Revenue growth was driven by increased revenue from the Enterprise Technology platform, while revenue from the Service Provider Technology platform declined Y/Y.

In the quarter, GAAP gross profit stood at $204.1 million, ...