Axon Enterprise (NASDAQ:AXON), the law enforcement technology company known for Taser electrical weapons and body cameras, tumbled 18% on Friday after it reported third-quarter earnings. At issue was a significant revenue miss and downbeat guidance for the fourth quarter. In the third quarter, revenue rose 28% to $908.6 million, well below the consensus at $934.3 million. For the fourth quarter, it called for revenue of $990 million-$1.01 billion, up 25%, which would be its slowest revenue growth since the end of 2021, and was below the consensus at $1.07 billion. However, the revenue miss was due to a timing issue rather than weak demand or something more structural. The company said that the timing of a $30 million Federal Dedrone deployment was expected to be recognized in the third quarter, but was delayed.
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