Ubiquiti Inc. announced its financial results for the first quarter ended September 30, 2024, reporting total revenues of $550.3 million. This represents an 18.8% increase compared to the same period in the prior fiscal year and an 8.5% increase from the previous quarter. The growth was primarily driven by an increase in revenue from the Enterprise Technology platform.
The Enterprise Technology segment generated $470.2 million in revenue, a significant rise from $380.1 million in the comparable prior year period. The Service Provider Technology segment contributed $80.2 million, a slight decrease from $83.0 million year-over-year. Gross profit margin improved to 42.1%, up from 39.7% in the prior year, mainly due to a favorable product mix and lower excess and obsolete inventory charges.
GAAP diluted earnings per share for the quarter reached $2.12, an increase from $1.45 in the first quarter of fiscal 2024. Non-GAAP diluted earnings per share also rose to $2.14 from $1.47. These results reflect improved profitability driven by higher revenues and gross profit.
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