Axis Slow Growth Continues Q2 2013

Author: John Honovich, Published on Jul 09, 2013

If there was any doubt, Axis' most recent financial results should erase them. Axis is now in the midst of an extended, multi-year period of slow growth. While the company trumpeted top spots in various rankings, their financials paint a far more modest and troubling picture. In this note, we break down what is happening, what is working and where Axis is most struggling.

Quarterly Financial Key Metrics

*** **** *********** ******* ********* ** **********************:

  • **% **** **** **** ****** ** ***** **********, ****** ********** with *** ******* **** *** **** * *****.
  • ******* ****:**************, ******** *** *** ****, ******* ** **% **** **** year ** ***** **********. ****, ******** *** *** **% ** Axis' ******* *******, ********** ** **** ******.
  • **** *****: **** **** *************, **** ********* ** ******** ** ******, growing ** **** **** *% ** ***** **********.
  • **** ***********: ***** **** **** ** **** **% **** **** **** in ***** **********, ** ** **** * **** ****. **** still **** ******** *** **% ** ****' ******* *******. *****, Asia ** ****** ******** ** *** ******* ******* ************ ******* in *** *****, ****** *** **% ***** ******* *** *** region.

  • *******, **** ***** *** ***, ******** ****** ******.
  • ****** ***************** **** ** ~$*.** ******* (******** *****).

****

**** ************ **** ********* *** ***** **** *** ****** ******* in *****, * ****** **** **** ***** ** '********* *********'. While **** **** ** "** ***** ****** ******" ** ****, they ***** ** **** **** ** ******* ****.

**** ***** ******* **** *** ****** ** ****** ****** *****, Axis *********** ****** **** "**** ***** ********** **** ** *** Chinese ******."

**** **** **** *** ** **** ***** ** **** ** emerging ******* **** ********** ****, ****** **** *** *** **** occurring ********.

******************

**** ***** ***** ********** *********, **** ********* ***** *********** ******* based ******** (********) *** **** ***** ********* ************* ** ** ** ********** either ******** ** **** ** *** ***.

********

**** **** ***** ** ****** '**** ***********' **** ********* ** unit ***** ****** ** ********* ** ******* *******. **** '****** sales *** **** ******" **** ******* ***** *** ***** *** specify *** ******* ****** ****** ******** **** **** **% ** revenue.

*** *** ****** ******

**** ****** **** ********** *** *** *** ****** ******, *********** the ********** *** ** ***** *******, ******* *** *** *********** feature.

The ****** ** ****

** *** ***** ****, ** ***********'* ****, **** ***** **** "******* ******** ******* **** ** **** 4 ** * ********," ***** ******* *** ** ****** **** acceleration ***** *** ******* *****.

*** ****** **** ******** ** ********* **** *** ****** **:

"**** *** ******** ****** ******** ************ ******** *** ****-**** ****** growth ********* *** *** ******* ***** ****** ** ************* **-** percent ********. ** ********* ****** *** ********* ****** ****** ** increased *********** ** ******* ************* *** ** ******** *******."

** ** ******** ** ******** ************ ****, ** *** ********* ** ******** ****** ***********. ****** **** can ***** **** ** *** ** * ***** ****** ** Asia (*.*., *** ******* '******** *******'), ** ** **** ** imagine *** ** *** ******** **** ****** ****.

* *** ***** *** **** ******* ************* *** ******** ******* is ***** *********, ******* ******* *** ******. ******* ** ***** are ********** **** *********. ***** **** *** ** ********** '** VMS' ******** ******** ************ *** **** ***** ******* ** *********** *** **** *******, in *** **** ****, **** **** ***** **** ********* **** undercut ****, **** *** ********* ** *****, ** * ******* of ****, **** *** ********* ********* ** *********, *******, ***.

****** **** ********** * ****** ** ***** *********** *** ******** in *** **** **** (**** ******* *** ****** *** ******** and ***** ***** *********), *** ****** ** ******** ** ** Lightfinder (**** ****** *** ***** *********, **** ********** ** *******), and *********** ** **** ********** ** ********** **** ****** ********.

**** ***** ****** *** '******' *** ******** ***** ** ** cameras ** *** *********** **** *** ** ***** ** ******* *** ****** (** their ******* ***** ****), **** *** ***** ** **** ** reinvigorate ***** ********* ** *** **** ****.

Comments (6)

***, ** ***********'* ****, *** **** ******** ***** ********** *** ** ******** *******/****/*****, showing *** ********** **** ********* *** ******* *****.

**'* ***** ** ** **** *********** ** **** ****** *** a *** ** ********* **** ******. **** ***** ****** **** to ********** ******* ***** ******** *** ****** ***** ***** ****** only ******* ** **** ******* ***** ** ******** **** **-******/********** cameras ** ***** ******* - ******* ** **** **/**** **** done ** ***** *******. *** *** * ***** ****** ** Vietnamese ************ *** ******* *** ********. ********* ** ***** ** quite *** ******** ***** (** **** **** **** *******).

******* ****** *** **** ***** ** ** ******* / **** the ****** ******* (***** **** ** **** ****) ** *** and *** * ***** *** ** **** ******** ******* ** needed

** ********* *** ******** ***** ** ******* **** / ** Asian ***** **** ** **** ** ***** ***** ** ***** not ** **** ***** *** **** *****

* ***** ******* * ***** ****** ***** ** * **** strategy. ****'** ******** ****** ***** ******* ***** ** ***** ******. Their **** ***** *** ***** ** ***** ******* ****, ***** software, *** *** ****** **** *** **** ***** ****** ** that ******** *****. ****** **** ***** *** ** ********* ** huge, ***** ******* **** ** **** ***. ** ** **********, the ******* ******* *** *** ******* * *** ** ***** added ******* ****'** "**** ******" *** **** ******.

**'* ****** ******* **** **** ****** *** ** ***** *** does ** ****** ******?

**** *** *** ******* ** ****'* ************** *** **** ** "Honeywell **********" :), * ******* ********** ************ ** ************* ********** to **** * **** ***** ** *** **** *** ********* connections ** * ******* *******.

**** ** **** ****** ***** ****, *** ************* ******** **** China **** ******** ** **** **** ** *** ******** *** the **** * ** ** *****. *****'* ***** ** ** correction, ******* * **** **** ***. *** **** **** *******, all *** ************* ***** **** ** ** ** *** **** the ******* ****** **** *********.

**** **** *** **** **** ** *********** ******* ***** ******** sales *******. **** *** ****** / **** ***** ********* **** term ********/******** ******** *********, *** ****** *** ************ ******** ** be ******* ** ************ ***** *** **** *** ******....

**** **** ********, *** ********* ******* *******. *** *************, ***** management *** *** ***** ** *** ****. *** ***** ******* on ***** ***** ** ****** *** ***** *******, *** ******** markets ** ** *** ****** ** ***** ** ******* ******. It ***** * ****** *** ********* ** *** *** ****** share ** ***** ********. ******, *** *** **** ************* *** already *****, *** ********** *** **** ******** **** ******* ************* are ******* ***** **** ***** ***** ***********.

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