Earnings news: Axon files strong quarterly report
Axon, the Scottsdale-based maker of public safety technology devices, reported its first quarter results for 2021 on Thursday.
For the three months ended March 31, net sales hit $195 million, up from $147 million in the same period last year and ahead of analyst expectations of $165 million.
Axon (Nasdaq: AXON) reported a loss of 75 cents per share when following generally accepted accounting principles, also known as GAAP. Upon adjusted for stock-based compensation, the company’s non-GAAP EPS was 31 cents, well ahead of the analyst expectation of 21 cents.
The company reported $174 million in operating expenses in the first quarter, of which $88.1 million went to stock-based compensation. Overall, the company reported a net loss of $47.9 million for the quarter.
Axon stock took a dive in Thursday trading, losing $10.38 per share, or 7.35%, to close at $130.86. But on the news of positive results, the stock recovered some of those losses in early trading Friday, up $3.76, or 2.5%, to $150.15. Follow the stock here.
The company cited strong demand for its products both domestically and internationally during the quarter as communities hope to ‘transform public safety.”
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