Why Sierra Wireless Stock Surged Higher Today
Shares of Sierra Wireless (NASDAQ: SWIR) were up 17.8% as of 12:46 p.m. ET on Wednesday after the company posted its first non-GAAP (adjusted) profit in more than two years.
"We worked closely with our customers, partners and suppliers to deliver strong sequential and year-over-year revenue growth in the fourth quarter," CEO Phil Brace said.
Sierra Wireless is a leading supplier of chips and components for the Internet of Things market. Total revenue increased by 24% year over year, driven by strong demand and investments to expand manufacturing. Management added capacity to an existing factory and started new production at a site in Mexico to help meet demand.
Source Fool.com
