Axon Enterprise (AXON +4.08%) stepped up to deliver its second-quarter earnings report after hours on Wednesday and reported another smash hit. Why Axon's report wasn't good enoughAxon is facing a number of structural headwinds that make it harder for the stock to move higher on a strong earnings report alone. As a software company, Axon has also been under pressure from the "SaaSpocalypse," though software-as-a-service (SaaS) stocks have bounced back from earlier lows. With high-priced stocks, investors often want to see a flawless earnings report, and some numbers were moving in the wrong direction. Expand NASDAQ : AXON Axon Enterprise Today's Change ( 4.08 %) $ 23.28 Current Price $ 594.29 Key Data Points Market Cap $46B Market cap calculated using publicly traded shares outstanding only.