Why Axon Enterprise Stock Jumped Higher Today
Shares of law enforcement technology company Axon Enterprise (NASDAQ: AXON) jumped higher on Wednesday after the company reported fourth-quarter financial results full of important milestones, and after it issued rosy guidance for the coming year. As of 11:30 a.m. ET, Axon stock was up 17%.
Axon had 2024 revenue of $2.1 billion, which was up 33% year over year. This was the third year in a row that the company had better-than 30% growth. Moreover, during Q4, it passed $1 billion in annual recurring revenue, which is another impressive milestone.
In short, Axon is known for expanding the products and services that it offers, which is boosting its addressable market at breakneck speed. And this certainly seems to be the reason that the company has been able to sustain such stellar growth. For example, management said it just landed its biggest deal ever, but it was with an enterprise customer, not a law enforcement agency. Until recently, the company didn't even serve this customer base.
Source Fool.com
