Ubiquiti Inc. shares UI, +0.00% surged more than 30% in morning trading Friday after the networking company reported better-than-expected results for its fiscal first quarter. The company posted net income of $98.1 million, or $1.43 a share, up from $85.7 million, or $1.16 a share, in the year-prior quarter. After adjusting for non-recurring items, earnings per share climbed to $1.44 from $1.17 a year earlier and came in above the FactSet consensus, which called for $1.27. Revenue for the fiscal first quarter rose to $323.3 million from $282.9 million, whereas analysts were modeling $298.2 million. Shares are up 74% so far this year, as the S&P 500 SPX, +0.00% has gained 23%.