Taser International slumps after missing Q2 expectations
Taser International, Inc. (Nasdaq:TASR) is down 7% in morning trading after the stun gun maker said early Thursday that it swung to a second-quarter loss of $1.6 million, or $0.02 per share, compared with a profit of $3.7 million, or $0.06 per share, a year earlier. Wall Street analysts expected a loss of $0.01 per share.
Quarterly revenue slumped 19% to $21.1 million from $25.9 million during the same period of 2007. Wall Street analysts, on average, anticipated $27.2 million in revenue. The Scottsdale, Ariz.-based company blamed the lower sales on the weak American economy and lower spending by police agencies.
Taser has come under criticism after a Canadian teenager brandishing a knife died on Thursday after police shot him with a Taser. Over the last four years, more than a dozen Canadian citizens have died after being hit with Tasers, according to Amnesty International. The company incurred a $5.2 million charge for litigation in the second quarter.
In Thursday morning trading, TASR is down 7.89%, or $0.45, to $5.25. For detailed price information and recent news stories about Taser International, click TASR.
About the Author
Reporter Will Atkinson is based in SmallCapInvestor.com's Washington, D.C. bureau.
Read More
(click a star)
Enter comment: