Internet of Things and 5G Stock Sierra Wireless Is Still in a Slump -- For Now
The share price of Internet of Things (IoT) company Sierra Wireless (NASDAQ: SWIR) has been languishing the last couple of years. And although the company has made some announcements regarding 5G wireless devices in recent months, the company's third-quarter 2020 financials indicate there is still some ground to cover before it can mount a full-fledged rebound.
Overall revenue remains in decline, and while the seeds for future growth have been planted, indications suggest it's too soon to buy-in.
Sierra's total revenue increased 3.6% year over year in Q3 to $180 million, although that's still below the $203 million total registered in the same period in 2018. Excluding revenue from the legacy automotive hardware segment it's selling off to a consortium of investors led by China-based Fibocom for $165 million, Sierra's Q3 sales were down 17% year over year to $113 million. However, also excluding automotive, Sierra said sales improved sequentially over the second quarter by 1.5%.
Source Fool.com
