Why Sierra Wireless Stock Dropped Today
Shares of Sierra Wireless (NASDAQ: SWIR) slumped on Friday after the company reported mixed first-quarter results. A steep revenue decline was in line with analyst expectations, but the company posted a much larger net loss than expected. Sierra Wireless stock was down about 8% at 2:10 p.m. EDT.
Sierra Wireless reported first-quarter revenue of $157.6 million, down 9.3% year over year. IoT solutions revenue was down 16.4% to $78.8 million, while embedded broadband revenue was down 0.9%, also to $78.8 million.
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Source Fool.com
