Taser International Inc.'s third-quarter net loss narrowed, benefiting from lower expenses. But the results missed Wall Street's expectations, sending shares lower Wednesday.
The electric-shock device maker reported Wednesday that it lost $2.3 million, or 4 cents per share, for the three months ended Sept. 30. That compares with a loss of $3.2 million, or 5 cents per share, a year earlier.
Analysts surveyed by Thomson Reuters, whose estimates normally remove one-time items, expected a smaller loss of a penny per share.
Shares of the company based in Scottsdale, Ariz., slipped 39 cents, or 8.8 percent, to $4.04 in afternoon trading. The stock has traded between $3.52 and $7.88 over the last year.
Taser managed to cut its research and development expenses to $1.7 million from $6.7 million. Selling, general and administrative expenses declined to $9.5 million from $11.4 million.
Revenue fell 9 percent to $21.1 million from $23.3 million, missing Wall Street's $22.8 million.
Taser blamed the revenue decline on the delay of some large international orders that it initially thought would be completed during the quarter.