Why Sierra Wireless Stock Gained Today

Evan Niu, CFA, The Motley Fool

7 August 2020 at 3:19 pm·2-min read

Shares of Sierra Wireless (NASDAQ: SWIR) have gained as much as 5% today after the company reported second-quarter earnings. "We continue to improve the Company's operating efficiency and drive focus toward being the global leader in fully integrated IoT solutions, showcased by our recently announced divestiture in the embedded automobile business," CEO Kent Thexton said in a statement. After the quarter ended, Sierra Wireless had announced an agreement to sell off its automotive embedded module product business for $165 million to a consortium led by China-based Fibocom Wireless.

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