RTTNews | Aug 27, 2021 08:01AM EDT

08:01 Friday, August 27, 2021 (RTTNews.com) - Shares of networking technology provider Ubiquiti Inc. (UI) are climbing more than 7% in pre-market on Friday after reporting improved fourth-quarter results.

Net income in the fourth quarter increased to $154.33 million or $2.46 per share, higher than 92.62 million or $1.45 per share in the same quarter a year ago. Excluding items, earnings were $2.47 per share.

Revenue for the quarter increased 51.5% year-over-year to $477.88 million.

The company's Board declared a dividend of $0.60 per share to be payable on September 15, 2021 to shareholders of record at the close of business on September 7, 2021.

Ubiquiti said it plans to pay regular quarterly cash dividends of at least $0.60 per share during each quarter of fiscal year 2022.

UI closed Thursday's regular trade at $300.54. The stock is currently at $325.

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