Ubiquiti's shares rallied after the company posted higher revenue and profit in its fiscal first quarter.

The stock was up 21%, to $315.61, in afternoon trading Friday, after hitting a roughly two-year high of $318.25 earlier in the day. Shares have more than doubled this year.

The New York network-infrastructure company reported net income of $128 million, or $2.12 a share, compared with $87.8 million, or $1.45 a share, in last year's comparable quarter. Adjusted earnings came in at $2.14 a share.

Revenue increased 19% to $550.3 million, as higher sales across the company's Enterprise Technology platform more than offset a drop in sales in its Service Provider Technology platform.