Axon Enterprise CEO Rick Smith told CNBC’s Jim Cramer on Wednesday how the company, which makes technology and equipment for law enforcement, is trying to help police reduce gun use.
“We are on a mission to make the bullet obsolete, and specifically cut gun deaths in policing by 50% over the next ten years,” he said. “We’re going to do that with tasers, body cameras, cloud software, and now we’ve got an AI business that’s on fire.”
Axon impressed investors when it reported earnings Tuesday night, with shares closing up more than 15% during Wednesday’s session and continuing to see gains in extended trading. The company beat estimates and its forecast was higher than expected, citing high demand for its taser products, as well as its cloud services arm, which accounted for 40% of total revenue.
Smith described how Axon is using body camera footage and AI to help police write the first transcript of police reports, saying the technology helps departments increase their man power. The AI services the company launched this year are selling five times faster than any product in its history, Smith claimed. He also said that while the company’s “current big thing” is AI, he teased drones as the company’s next major product.
According to Smith, Nordic countries are “doing fantastic work on taser weapons.” While the countries are facing issues with crime, he said, their police don’t usually carry guns on daily duty and the taser is a preferable solution for them.
“I think they’re going to play a key role in, when we talk about making the bullet obsolete,” Smith said. “I think the Nordics are going to lead the way.”
