Axon Enterprise Inc specializes in developing cutting-edge technology aimed at enhancing public safety
The company is widely recognized for its innovative body-worn cameras and advanced software solutions that support law enforcement agencies in their operations. Additionally, Axon provides tools for digital evidence management and analysis, enabling police departments to streamline their processes and improve accountability. Through its commitment to using technology for positive societal impact, Axon aims to create safer communities by empowering law enforcement with the resources they need to effectively serve and protect the public.
Curious about the top performers within the S&P500 index one hour before the close of the markets on Thursday? Dive into the list of today's session's top gainers and losers for a comprehensive overview.
The DoD's plan to cut its budget by $50 billion annually over five years triggered sharp declines in high-flying defense and tech stocks like Palantir and Axon.
Join us in exploring the top gainers and losers within the S&P500 index one hour before the close of the markets on Thursday as we examine the latest happenings in today's session.
Let's delve into the developments on the US markets in the middle of the day on Thursday. Below, you'll find the top gainers and losers within the S&P500 index during today's session.
Shares of aerospace and defense company AXON (NASDAQAXON)
jumped 18.3% in the morning session after the company reported strong fourth-quarter results that blew past analysts' revenue, EPS, and EBITDA expectations. This is a relief for a stock that saw drastic recent declines as Wall Street firm Northcoast Research reported that Axon had lost an important partnership and that this former partner could turn into a competitor.
As for the quarter, revenue surged 33%, marking Axon's third consecutive year of 30%+ annual growth. Notably, its Cloud & Services segment grew 44% while annual recurring revenue rose 37% to $1.0 billion, demonstrating the strength of its subscription-based model. Margins stayed healthy, with net income at 24% and adjusted EBITDA at 25% for the quarter.
On top of that, its full-year sales outlook came in above Wall Street's estimates. Zooming out, we think this quarter featured some important positives.
