Why Axon Enterprise Stock Jumped 15% in August

Logo NasdaqNasdaq
2023-09-05 12:23:35  • 3 mins

What happened

Shares of Axon Enterprise (NASDAQ: AXON), the maker of Taser stun guns and body cameras, were climbing last month as the tech company posted strong results in its second-quarter earnings report.

According to data from S&P Global Market Intelligence, the stock finished August up 15%.

As you can see from the chart below, nearly all of the stock's gains came when the earnings report came out on Aug. 8.

AXON data by YCharts

So what

Axon delivered another round of strong results as its software business continues to pick up steam.

Revenue in the quarter rose 31% to $374.6 million, well ahead of estimates of $350.5 million.

Axon Cloud & Services is now nearly the company's biggest segment as its revenue grew 62.4% to $132.6 million due to demand for its premium Officer Safety Plan-integrated bundles. Digital evidence, meanwhile, continues to be the primary driver for growth in the high-margin software business. Net revenue retention increased 122% in the quarter, meaning existing customers increased their spending on Axon Cloud by 22% over the last four quarters.

Continue read on nasdaq.com

Nvidia has helped kick off an era of generative AI. No one knows for sure how long the boom times will last, but sales and profits -- and thus the stock...
Logo NasdaqNasdaq
2023-10-01 09:15:00  • 2 mins
Micron (NASDAQ: MU) posted its latest earnings report on Sept. 27. For the fourth quarter of fiscal 2023, which ended on Aug. 31, the memory chipmaker's...
Logo NasdaqNasdaq
2023-10-01 16:30:00  • 2 mins
Apple ( AAPL ) stock Is trading at 4-month lows at $171.21 on Friday, Sept. 29, close to its lows in May. But its earnings are still expected to grow and its...
Logo NasdaqNasdaq
2023-10-01 16:57:14  • 1 min
Over the past few years, investors have paid a growing amount of attention to semiconductor stocks. Advanced chips are powering an increasing number of...
Logo NasdaqNasdaq
2023-09-29 20:00:00  • 1 min
Accenture (NYSE: ACN) posted its latest earnings report on Sept. 28. For the fourth quarter of fiscal 2023, which ended on Aug. 31, the IT service provider's...
Logo NasdaqNasdaq
2023-10-01 11:40:00  • 1 min
What happened Shares of Nikola Corp. (NASDAQ: NKLA) rocketed as much as 36% higher this week, according to data provided by S&P Global Market...
Logo NasdaqNasdaq
2023-09-29 22:56:56  • 2 mins
In this video, I will talk about four companies worth your attention, especially during these uncertain times. I chose a mix of companies in different...
Logo NasdaqNasdaq
2023-10-01 14:30:00  • 1 min
Aurora Cannabis (NASDAQ: ACB) might seem like another humdrum marijuana stock, but there are actually a few nuances and recent developments that mean that...
Logo NasdaqNasdaq
2023-10-01 11:55:00  • 1 min
Is the stock market surge of 2023 running out of steam? That seems to be the case. The S&P 500 has retreated from the lofty levels of just a couple of...
Logo NasdaqNasdaq
2023-10-01 09:52:00  • 1 min
The kids are back in school, every store smells of pumpkin spice, and the neighbors are putting up Halloween decorations already. October is here, kicking...
Logo NasdaqNasdaq
2023-10-01 13:09:00  • 2 mins
In July, Mediterranean restaurant chain Cava Group (NYSE: CAVA) went public and within days soared to a $5 billion valuation. Two weeks later, while Cava was...
Logo NasdaqNasdaq
2023-10-01 11:45:00  • 2 mins
Adobe 's (NASDAQ: ADBE) stock has benefited from the renewed bullishness in the tech sector this year. Gaining more than 50%, the shares have pushed back up...
Logo NasdaqNasdaq
2023-09-30 11:19:00  • 1 min
What happened According to data compiled by S&P Global Market Intelligence, retailer American Eagle Outfitters (NYSE: AEO) was a standout stock this...
Logo NasdaqNasdaq
2023-09-29 22:42:08  • 1 min
In trading on Monday, shares of Axsome Therapeutics Inc (Symbol: AXSM) crossed below their 200 day moving average of $71.88, changing hands as low as $71.22...
Logo NasdaqNasdaq
2023-09-25 16:27:31  • 1 min
What's the most worrisome problem about investing in a hot new area? It's that the companies that emerge as early leaders might not have staying power. You...
Logo NasdaqNasdaq
2023-10-01 09:55:00  • 2 mins
After months during which rumors about looming regulatory action swirled, news broke on Tuesday that the Federal Trade Commission (FTC) and 17 states had...
Logo NasdaqNasdaq
2023-10-01 10:05:00  • 2 mins
In the brick-and-mortar retail space, almost no company gets as much respect as Costco Wholesale (NASDAQ: COST). The membership-based warehouse chain offers...
Logo NasdaqNasdaq
2023-10-01 13:53:00  • 1 min
2023 has been a fun year for companies in the realm of artificial intelligence (AI). As a leading maker of current and future AI-engine microchips, Advanced...
Logo NasdaqNasdaq
2023-10-01 12:11:00  • 1 min
There's a powerful case for Boeing (NYSE: BA) stock. After all, despite its problems in recent years, it's still one of only two major players in commercial...
Logo NasdaqNasdaq
2023-10-01 09:49:00  • 2 mins
The past few weeks haven't been particularly great ones for the stock market. All told, the S&P 500 currently sits 7% below its late-July peak. And lower...
Logo NasdaqNasdaq
2023-10-01 11:20:00  • 2 mins