Financial ********
**** ****, **** **** *% in ***** **********. *** all ** ****, **** grew **** *% ** local **********, *** ***** year ** * **** long ****.
Regional *********
****, ***** *** *** past *** ***** *** significant ********, **** ******** quarters ** ********* ***** revenue, ****** **% ** Q4 ****. ** ** not ***** *** ******* grew ** **** ** EMEA. **** ***** ****** Middle **** ****** *** they **** **** *********. ******* EMEA ****** ** ********* ** outlier ************.
**** ***** ******* **%, continuing * ******* ** challenges *** **** ** Asia. **** ************ ***** "A **** ***********, ************ in *****, *** * large ****** ** *****," though **** *** *** explain **** ****** **.
******* ***** **** ** the ******, ******* * modest *%, ***** ***** the ****** ** *********** pricing *** *** ******* expansion ** ********* **, relatively ********, *****.
Inventories *** **
*********** ****** **% **** over ****. **** ** a *********** *******. ** past *****, **** ****** growth *****, *********** ********* increased ** **** **** rate. ** ** *** clear **** ****** *** spike ** *********** *** generally ** ** * warning **** ** *********** weakened ******.
Gross ******* ****
***** ******* **** **.*%, down **** **** **** notably from **.*%. **** ** the ***** **** ***** margins **** ***** **% in *****:

********* ***** ******* ***** indicate ******* ********* *** is * ****** ** watch *** **** ** 2016.
Hiring *****
**** **** ***** * net *** ** ********* for ** ****, *** lowest ****** ** ********* in *****. **********, **** is * ******** ****** rate ** ~*.*%. ** contrast, **** **** ********* at **** **** ***** than **** ** ****, at ~**.*%. ***** *** global ****** **********, **** reduced ****** **** ***** prudent.
*******
**** ******* ** *** same ** ****, *********. They ****** **** ****** and ****** *** **** statement *** *** **** 4 ********:
"*** ****** ******** *** the ****** ** *** projects ***** **** ****’ view ** *** ******* market ****** **** ******* unchanged. ** ********* ****** for ********* ****** ****** is ********* *********** ** installations *** ******* ******* and ** ******** *******. In ***** ** **** market ****** *** ****** its ******** ** *** market-leading ******** ** ******* video *********, **** **** continue ** ******* *** release * ***** ****** of ********** ********, ****** the ******* *******, ******* more ********* *** ******** to ****** ********."
********* ******, ****** ****** has *******, ******* ** not "****' **** **" it *** ******** *** same. *% ****** *** a **** ****, *** Axis' *********, ** ****. On *** ***** ****, the ****** *** ********* become ***** *******. **** does *********** *** ********** of '******* ******* *** in ******** *******' *** they *** ******* ********** in ****, ** **** results ******** *** ***** lack ** *********** ******* in ******* ******* (*.*., the*** ******** ****) ****.
** ******* **** ***** a *********** **** *** Axis. ***** *** ****** and ***** *******, ** Axis ***** ****** ****'* 5% ******, **** ***** be ****.
Comments (2)
Konstantin Avramenko
Refugee crisis in Europe. People started spend more on security. Opinion of a couple of my contacts from Europe.
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