Why Axon Enterprise Shares Jumped in August
Axon Enterprise (NASDAQ: AXON) has been a big winner on Wall Street over the past decade thanks to the company's ability to consistently beat expectations. News of Axon's latest results sent a spark through the markets, sending Axon shares up 21.7% in August, according to data provided by S&P Global Market Intelligence.
Axon provides hardware and software primarily to law enforcement agencies. The company traces its origins back to the Taser stun gun, but in recent years has added a range of products, including body cameras and evidence management software, that it can cross-sell to its stun gun customers.
It has been a winning formula. In August, Axon reported quarterly revenue up 35% year over year, driven by a 47% jump in cloud (or software) sales and a 28% increase in Taser revenue. The quarter marked a milestone for the company, as it was the first time cloud revenue, at $195 million, basically matched the $197 million in hardware sales.
Source Fool.com
