1 Surprising High-Growth Cloud Stock

Law enforcement may not be the first place you think to look for a cloud stock, but there's one hiding in plain sight. Axon (NASDAQ: AAXN) is the industry leader in tasers and body cameras, and has made software as a service through the cloud both its highest growth and most profitable business.

Tasers and sensors (body cameras) are still Axon's largest business, representing $84.0 million and $51.1 million, respectively, of sales in the last quarter of 2019. But Axon Cloud showed impressive growth of 42.8% to $36.8 million, and a 76.1% gross margin, which would be the envy of almost any company. As the cloud grows it will eventually become Axon's biggest business. Here's how the cloud business is driving growth, and even improving Axon's hardware business long-term. 

Image source: Axon.

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Source Fool.com