April 24, 2008 / 1:25 PM / 12 years ago

UPDATE 1-Taser Q1 profit misses Wall Street; shares fall

(Recasts, adds details)

April 24 (Reuters) - Stun gun maker Taser International Inc TASR.O posted lower quarterly earnings, which missed analysts’ expectations, due to an increase in research and development spending, and shares slipped 12 percent.

The company earned $1.2 million, or 2 cents a share, in the first quarter, compared with $0.5 million, or 1 cent a share, a year earlier.

Revenue rose 47 percent to $22.5 million on increased sales to law enforcement agencies in the United States.

Analysts were expecting the company to earn 5 cents a share on revenue of $22.5 million, according to Reuters Estimates.

R&D expenses more than doubled to $2.1 million as the company is gearing up to unveil new products such as the Taser XREP and Taser Shockwave area denial system this year.

Shares of the company fell 12 percent in trading before the bell, after closing at $9.42 Wednesday on Nasdaq. (Reporting by Saumyadeb Chakrabarty in Bangalore; Editing by Jarshad Kakkrakandy)

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