Ubiquiti Inc

Latest Results (20.08.2024):

Revenue Growth

Ubiquiti Inc. reported revenues of $493.0 million for the third quarter of fiscal 2024. This represents a 6.0% increase from the previous quarter and a 7.7% increase from the same period in the prior year. The growth was driven by increased revenue from both the Enterprise Technology and Service Provider Technology platforms.

Gross Profit

For the third quarter of fiscal 2024, Ubiquiti Inc. achieved a GAAP gross profit of $174.1 million. However, the GAAP gross margin decreased to 35.3%, down from 38.2% in the previous quarter and 41.2% in the same period last year. The decline was primarily due to higher inventory charges and warehouse-related expenses.

Research and Development Expenses

Ubiquiti Inc. reported R&D expenses of $42.5 million for the third quarter of fiscal 2024. This marks an increase from $36.9 million in the previous quarter and $38.2 million in the same period last year. The rise in R&D expenses was mainly driven by higher prototype-related and employee-related costs.

Net Income

During the third quarter of fiscal 2024, Ubiquiti Inc. recorded a GAAP net income of $76.3 million and a non-GAAP net income of $77.6 million. This reflects a decrease of 22.6% and 22.1%, respectively, compared to the same period last year, primarily due to lower gross profit and higher operating expenses.

Dividends

Ubiquiti Inc.'s Board of Directors declared a cash dividend of $0.60 per share for the third quarter of fiscal 2024. The dividend is payable on May 28, 2024, to shareholders of record as of May 20, 2024. This decision underscores the company's commitment to returning value to its shareholders.