AAXN - Why Shares of Axon gained 44% in November
Shares of Axon Enterprise (NASDAQ: AAXN) climbed 44.3% in November, according to data provided by S&P Global Market Intelligence, after the maker of tasers and other equipment for law enforcement reported better-than-expected third-quarter earnings. The company showed strong progress in getting customers to sign up for its subscription-based services, reinforcing investor hopes that Axon will remain a growth stock.
Axon shares remained strong throughout the month, but the lion's share of the gains came on Nov. 8 after the company reported third-quarter adjusted earnings of $0.28 per share on revenue of $131 million, beating the consensus estimate of $0.26 per share in earnings on sales of $122 million. Revenue was up 35% year over year, and the company raised its full-year revenue guidance by $15 million to $500 million to $510 million.
Axon body cameras in use. Image source: Axon Enterprise.