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.
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