Axis Communications released its full-year report for 2008 earlier this week and despite weak fourth quarter growth, the company turned a more than $30 million (SEK 252M) after tax profit for the year.
The company also saw its net sales reach over $238 million (SEK 1,975M), which corresponds to an annual growth of 18 percent.
"The current financial turmoil has in certain cases meant that decisions on security installations have been deferred. The market is difficult to forecast in the near-term and we are currently seeing lower activity on the global network video market," Axis President Ray Mauritsson said in a prepared statement. "In the long-term, we continue to see great growth potential for network video products. Axis continues to offer innovative competitive products and is well-represented globally through a local presence with a large number of partners."