Axon Enterprise Inc.’s stock was up 17% as one of the top gainers in the S&P 500 on Wednesday after the Taser maker said budget cuts in Washington may help its business as it played up its prospects for international growth and its cloud-services business.

Key Takeaways Axon Enterprise posted fourth-quarter earnings that topped analysts' estimates.The Taser maker also offered a strong outlook on demand for its defense products.Axon shares soared following the results and have nearly doubled in value over the last year.

Axon Enterprise stock rose sharply on Wednesday after the taser maker reported fourth-quarter earnings that topped Wall Street forecasts and issued strong full-year guidance.Shares of Axon Enterprise surged 15% to $568.