Core Insights - Axon Enterprise's stock dropped 17% after missing third-quarter profit expectations due to tariff constraints [1] - Adjusted earnings were $1.17 per share, below the forecast of $1.52 per share [1] - Adjusted gross margins decreased by 50 basis points year-over-year to 62.7%, attributed to tariff impacts [1] Financial Performance - The connected devices business, including TASER and counter-drone equipment, generated over $405 million in revenues, a 24% year-over-year increase [2] - Software and services revenues rose 41% year-over-year to $305 million [2] Management Commentary - The finance chief indicated that the tariff impacts are considered a one-time adjustment and are now reflected in gross margins [2] - There is an expectation that growth in the software business will eventually offset margin losses in the long term [2]