Why Sierra Wireless Stock Jumped Today

Shares of Sierra Wireless (NASDAQ: SWIR) popped as much as 11% today after the company reported first-quarter earnings. Sierra Wireless topped revenue estimates and introduced a new key performance metric.

Revenue in the first quarter was $108.1 million, slightly ahead of the consensus estimate of $107.2 million in sales. That translated into an adjusted net loss of $9.6 million, or $0.26 per share, which was right on target with how much analysts expected Sierra Wireless to lose. The Internet of Things (IoT) specialist disclosed that it was the victim of a ransomware attack at the end of March that forced the company to temporarily halt production, but the disruption lasted less than a week and Sierra Wireless has since upgraded its security protocols.

Image source: Getty Images.

Source Fool.com