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SWIR - Why Sierra Wireless Stock Jumped Higher Today
Sierra Wireless Inc.
Shares of Sierra Wireless (NASDAQ: SWIR) were trading up 13.2% as of 2:15 p.m. EST on Wednesday, despite the broader market sell-off today. Investors cheered Sierra's third-quarter earnings results that showed record backlog at the end of the quarter.
For the third quarter, revenue fell 27% year over year to $82.5 million. Sierra Wireless is dealing with manufacturing capacity constraints and tight supply for parts and components, but investors were expecting worse results than what was reported.