By Emily Dattilo
Shares of Axon Enterprise were trading sharply higher after the taser maker tore past quarterly earnings estimates.
Axon stock rose 21% to $569 in Friday trading and was on track for an all-time high, according to Dow Jones Market Data. It also was the top performer in the S&P 500 in Friday's session.
For its third quarter, the company reported adjusted earnings of $1.45 per share, beating Wall Street's call for $1.20, according to FactSet.
Revenue of $544.3 million grew 32% from the year-ago quarter and beat the consensus call for $525.3 million. "Demand for our latest Taser and body camera products remained strong, driving growth in Taser and Sensors & Other revenue, while adoption of premium software offerings continued to fuel growth in Axon Cloud & Services," the company said in the earnings release.
For its fourth quarter, Axon forecasts revenue between $560 million and $570 million while analysts had penciled in $555.8 million.
For the fiscal year, the company raised its revenue guidance to about $2.07 billion from a prior range of $2 billion to $2.05 billion. Analysts had expected $2.06 billion.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
November 08, 2024 12:08 ET (17:08 GMT)
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