Axon stock surges more than 10% on Taser, AI sales strength
By Wallace Witkowski
Axon Enterprises Inc. shares rallied in the extended session Tuesday after the Taser, body-camera and safety-device maker topped Wall Street expectations .
Axon (AXON) shares rallied more than 10% after hours, following a 2.2% decline to close the regular session at $175.73. Shares are up 5.9% year to date, compared with a 17.2% rise by the S&P 500 index SPX.
The company reported second-quarter net income of $12.4 million, or 16 cents a share, compared with $51 million, or 71 cents a share, in the year-ago period.
Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.11 a share, compared with 44 cents a share in the year-ago period. Analysts surveyed by FactSet had forecast 62 cents a share.
Revenue rose to $374.6 million from $343 million in the year-ago quarter, while analysts expected revenue of $350.5 million.
The company hiked its sales outlook for the year to a range between $1.51 billion and $1.53 billion, up from a previous forecast between $1.44 billion and $1.46 billion. Analysts expect $1.46 billion in full-year revenue.
"Our updated outlook reflects increased visibility and confidence upon the successful market introduction of two new products, Taser 10 and Axon Body 4, as well as continued momentum in Fleet cameras and software," the company said in a statement. Taser 10 sales started shipping the first quarter and the company has "seen a steady increase in orders."
Axon said it began incorporating AI-enabled technology into its products in 2017, and the technology now powers Axon's transcription, video redaction and automated license-plate-recognition products.
"We believe that our investments in generative AI-enabled tools will expand our lead," the company said in a statement.
-Wallace Witkowski
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-09-23 0757ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings, Is Coinbase Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Today’s Market Volatility Could Provide Tomorrow’s Opportunities
-
40 of the Best Investment Picks
-
Tech Stock Dividends Are Changing the Face of Dividend Growth Investing
-
Roblox Earnings: Weakening Engagement Has Weighed On Growth
-
The Best Gaming Stocks to Buy
-
Energy Transfer Earnings: M&A Drives Guidance Increase In Solid Quarter
-
The Best Healthcare Stocks to Buy
-
Going Into Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?