VANCOUVER, British Columbia-Wireless modem maker Sierra Wireless Inc. reported results slightly ahead of expectations, but forecast that its losses would continue. The news extended the company’s stock slide, with investors dropping the company’s shares to around $7.35 per share.
“Our financial results for the first quarter were modestly better than our guidance, however, we are not satisfied with reporting a loss for the quarter,” said David Sutcliffe, the company’s chairman and chief executive officer. “We are carefully controlling costs while investing in developing new products with expected commercial release dates spread over the next several quarters. As these products come on line, we expect them to contribute significantly to a resumption of growth.”
Sierra Wireless posted revenues of $20.2 million in the quarter, above its guidance but way down from the $41.6 million it scored in the same quarter a year ago. The company reported a loss of $7.6 million in the quarter, a reverse of the $4.6 million in net earnings in its first quarter a year ago.
Further, the company forecast second-quarter revenues of between $20 million and $21 million and a loss of $8.5 million, according to reports.
