Axis Crushes Q1 2010 Financial Results

Now, there should be little doubt of the IP video's market growth rebound. After a year of rapidly deteriorating financial results, Axis strong rebound continued for the second straight quarter (review Axis Q4 2009 results).

Axis sales grew 36% from Q1 2009 to Q1 2010 (measured in local currency terms). While last year positive currency effects hid poor growth rates, this year negative currency effects are obscuring strong growth.

Growth has been strong across all regions with the US up 31%, Asia up 47% and EMEA up 40% (all measured in local currency terms).

Two areas Axis emphasized in its release were (1) their broad and growing product portfolio and (2) their expansion into the transportation market (citing wins in Prague and Madrid). For more information on their new 5MP camera, read our overview of their recently announced P1347. For details on transportation products, read our overview of their mobile NVR.

Contrast Axis announcement with Vicon's admission/warning of IP's unexpectedly strong growth.

In the debate about IP video rebound vs analog sales slump, an argument was made that IP companies are so small that growth is easy for them. As one of the largest companies in the overall surveillance market, Axis's strong growth goes against that critique.