TASER maker Axon raises annual revenue forecast, shares jump
People gathers at the Axon booth on the exhibit floor during the annual International Association of Chiefs of Police (IACP) conference in San Diego, California, U.S.,October 16, 2023. REUTERS/Mike Blake
(Reuters) -TASER maker Axon Enterprise raised its full-year revenue forecast on Wednesday, banking on sustained demand for its software products and security devices, sending its shares up more than 7% after the bell.
The Arizona-based company makes law enforcement technology such as body cameras, drones and sensors.
Axon expects 2025 revenue to be between $2.60 billion and $2.70 billion, compared with its prior range of $2.55 billion to $2.65 billion. Analysts on average estimate of $2.62 billion, according to data compiled by LSEG.
The company is the leading maker of police body cameras in the U.S. and supplies drones to law enforcement authorities across North America, Europe and Australia.
Capital expenditure for the year is expected to be in the range of $160 million to $180 million, excluding costs related to investments in a new headquarters, the company said.
On an adjusted basis, Axon earned $1.41 per share for the first quarter ended March 31, while analysts estimated $1.27 per share.
Its quarterly revenue was $603.6 million, compared with the estimate of $583.8 million.
(Reporting by Aatreyee Dasgupta and Abhinav Parmar in Bengaluru; Editing by Shilpi Majumdar)
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