Axon Enterprise's stock fell by 20% in after-hours trading on November 4, 2025, following a disappointing third-quarter earnings report. The company reported adjusted earnings of $1.17 per share, significantly below the expected $1.54 per share, primarily due to increased costs from tariffs. Although Axon's revenue exceeded expectations at $710.6 million, the company's operating margin dropped to -0.3%, compared to 4.4% in the same quarter last year, highlighting the financial strain from tariff-related expenses.