**** ******* **** **% in ***** ********** **** over **** *** *** been ****** ****** *** year **** ****** ** the *** ** *** teens. Net ****** ******* **** ********, increasing ** **.*%.
******* **** *******, ***** margins ********* ** *.* percentage ****** **** **.*% to **.*%. **** ** a ******** ********* **** Axis *** **** ** grow ******* ****** ** cut ***** ******.
******* ** ************* ******.
Shortage ******
****** ************ ** ******, *** ******* *** ****** from * ******* ********. In ***** ********* ******, they **** **** ** this *****. ****** ** August, **** ********* * component ******** *******:

**** ********* ** ****:
*** ******* ********* *** a ****** ** **** demand *** ****** ***** than **********. *** ******** from *** *** *********** take ****** **** ****** due ** *** ***** supply ********* *** ******* components.
*** ******** ** ****** a ******** ****** *** Q4 ********* ******* ** backordered ******** *** ****.
*******, *********** *** **** continue ** *******:
- **** *****: *,***.* ***
- ** **** ***: ***.* ***
- ** **** ***: ***.* ***
***** ********** *********** *********** is *******, **** *********** are *** ***, **** ** available ******* *** **** sales *** **** ***********.
Expansion ******* ***** ****
*** ******** ***** *** **** was **** ***-***** ***** were **** **** **** year, * ***** ** quite **** ****:

* ***** ****** ** 'other' ****** *** **** acquisitions, **** ********* ** *** ****. *** **** *** acquisitions *** **** **** a **** ***, ****** will **** ** **** from ******* ***** *********.
**** *********:
** ******** ** *** a ****** ***** *** our *** ******** ******** when ** ****** *** sales ******. ***** ******* relatively ***** ****** ******** to *** **** ******** and ********** ******* ***** fluctuate ** *** ******** reporting ** ***** ** to ************.
** **** ** *********** to *** *** ***-***** growth **** ***** ******* as ** *** **** a ***** **** ** Axis *************** ******* ******* the **** ** *** bottom. ** ** ***, 'other' ** ***** **** ~6% ** **** ***** sales.
Tough ******* - ***** ******* *** ****** ****
**** ****** *** ******** in * ******* - South ******* *** *** Middle ****:

*** ****** **** ** particular *** ********** **** a ****** ****** *** Axis *** ***** *************. However, downward ****** ** *** oil ********, ***** ****** most ** *** *******/******** in *** ****** ****, and ** * ****** extent ***** *******, **** caused declining ******** ** ***** countries ********** **** ** 2017.
Race ** *** ****** ***********
** ******* **** ***** results **** *** **** to *** ****** ** diminishing.
****** ** ****, **** had ***** ************, ****** **** ****** ** just *%***** **** ******* ********* 1%. *** ** ****** as **** ****,**** ***** ****** *** down (** ****). ***** **** ******* are ******** ****** **** they **** ********** ********, given *** ******* ********.
*** *** ******** ******* include:
- ********* *** ***** *** increasingly ********** *** ****** for ***** *** **** to *** ***** **** professional ******** *** ** becoming ************ ********* ** find **** ** ***** customers.
- *** **** ** ******* in 2017 ** **** *********** than ** **** *** **** some ***** ** *************, especially ** ** ****.
- ********* *** ***** **** suffered **** ******* ************* issues *** ***** ******* problems **** **** **** switching ** **** **** attractive ** **** *********.
** ***** *** ** prudent ** **** *** '****' over ***, ** ***** and ********* *** ***** showing ***** *********** ** spend *******, *** **** is ******* ****** ********** it ** **** **** **** did ** ****.
Comments (9)
Undisclosed Manufacturer #1
I think this is a positive indicator for the industry that Axis is still able to grow despite the low cost Chinese competitors desperation moves. The fact that the drop in pricing in 2016 is less significant than in 2015 is also quite surprising considering the fact that Hikvision Addicted To Across The Board Sales.
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Undisclosed Integrator #2
Very encouraging news for not only Axis Communications, but anyone that supplies products or services that sell quality and support rather than a focus on a race to the bottom with cutting price as a mistaken goal. Kudos to the Axis Team (from an integrator deep in the heart of Texas w/ the ability to deliver Axis and the Chinese options as well). Once an Axis fan; always an Axis fan.
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Undisclosed #3
A rising tide lifts all boats.
What would the industry look like if/when overall market growth stagnates?
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Undisclosed #4
Nice to see Axis holding their ground. Still trying to make sense of the Axis audio play... numbers don't lie.
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