SEATTLE (AP) — Canadian wireless modem maker Sierra Wireless said Thursday it slid to a first-quarter loss, hurt by lower sales and charges related to its purchase of French wireless technology firm Wavecom and layoffs.
The company posted a quarterly loss of $23.7 million, or 76 cents per share, compared with year-ago earnings of $9.7 million, or 31 cents per share.
Latest-quarter results included $6.5 million in charges related to the Wavecom deal and $1.6 million related to laying off 56 people, or 10 percent of Sierra Wireless's work force, among other items.
Revenue fell 22 percent to $111.4 million from $141.9 million in the year-ago quarter, but topped the $95.3 million average estimate of analysts surveyed by Thomson Reuters by a wide margin.
Investors cheered the better-than-expected results, sending shares up 67 cents, or 12 percent, to $6.31 in after-hours trading. The stock had closed earlier up nearly 7 percent at $5.64.