Axon stock falls despite beating earnings and raising guidance

Axon Enterprise shares fell around 9% after the company posted strong quarterly results last week. The results beat expectations, and Axon raised its full-year revenue growth forecast to between 32% and 34%. Investors had expected good news, but the stock dropped anyway. One reason is that Axon quietly removed its cash flow targets for the year, without giving an explanation. Previously, the company had forecast $600 million in operating cash flow. Profit margins also fell slightly, which worried some investors. Axon's stock has already lost about 40% of its value this year. The company has grown revenue every year since it went public, and growth has stayed above 30% for nine quarters in a row.