Axon Enterprise Stock Climbs After Q2 Results: Here's Why

Axon Enterprise, Inc.  AXON shares are climbing after the company released its second-quarter results after Monday's closing bell. Here's a look at the key figures from the quarter.  

The Details: Axon Enterprise reported quarterly earnings of $2.12 per share which beat the analyst consensus estimate of $1.46 by 45.11%. Quarterly revenue came in at $669 million which beat the analyst consensus estimate of $641.24 million and is up from revenue of $504.1 million from the same period last year.

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For the second quarter, Axon reported:

• Software & Services revenue grew 39% year-over-year to $292 million.
• Annual recurring revenue grows 39% to $1.2 billion.
• Connected Devices revenue rose 29% year-over-year to $376 million
• Platform Solutions revenue grew 86% to $67 million.
• Excluding the impacts of stock-based compensation and intangibles amortization, adjusted gross margin of 63.3% increased 20 basis points year-over-year.

Outlook: Axon raised its fiscal year sales outlook from between $2.6 billion and $2.7 billion to between $2.65 billion and $2.73 billion, versus the $2.66 billion estimate.

AXON Price Action: According to data from Benzinga Pro, Axon Enterprise stock was up 3.38% at $770.04 in Monday's extended trading. 

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