What: Shares of stun gun specialist TASER International (NASDAQ:AAXN) sank 12% today after its current-quarter outlook disappointed investors.

So what: TASER's Q2 results came in nicely ahead of estimates -- EPS jumped 57% to $0.11 while revenue surged 26% to $46.71 million -- but downbeat guidance for Q3 is forcing analysts to quickly lower their near-term growth estimates. While management blamed the weak view simply on a timing issue -- deals that were supposed to happen in Q3 closed in Q2 -- rather than a demand issue, Mr. Market doesn't seem to be taking any chances in case competitive forces are the bigger factor in play. 

Now what: Management now expects Q3 results to come in close to Q2 actuals, while analysts had been estimating EPS of about $0.12 on revenue of $50 million. "The team at TASER International is executing extremely well across the organization and continuing to achieve results above our expectations," said CEO Rick Smith. "The recently announced acquisitions of Tactical Safety Responses and MediaSolv Solutions are important stepping stones in our long-term strategy to transform TASER and Axon into the premier, global technology provider to law enforcement." When you couple the near-term uncertainty surrounding TASER with its still-lofty forward P/E in the 40's, however, I'd be cautious about buying too heavily into that bullishness.