Axon raises full-year revenue forecast on strong demand for its software products

FILE PHOTO: The headquarters for Axon Enterprise Inc, formerly Taser International, is seen in Scottsdale

(Reuters) - Axon Enterprise raised its full-year core profit and revenue forecast Monday, banking on strong demand for its software products and recently launched TASER 10 policing device.

The company now expects full-year 2024 revenue to be between $1.94 billion and $1.99 billion, compared with its previous forecast of $1.88 billion to $1.94 billion.

Axon is the leading maker of police body cameras in the U.S. and supplies drones to law enforcement agencies in North America, Europe and Australia.

It expects adjusted core profit in the range of $430 million to $445 million, up from its previous forecast range of $410 million to $430 million.

Axon also announced that it would acquire drone defense firm Dedrone. However, it did not disclose a deal value.

The transaction would increase Axon's total addressable market size by $14 billion, is expected to close in the second half of 2024.

The company reported revenue of $461 million in the first quarter, up 34% year-on-year and above analysts' estimates of $441.6 million.

On an adjusted basis, the Arizona-based firm reported adjusted earnings per share of $1.15 beating analysts' estimates of 94 cents per share, according to LSEG data.

(Reporting by Pratyush Thakur, Ananta Agarwal in Bengaluru; Editing by Pooja Desai and Tasim Zahid)