Company News

CORRECTED-BUZZ-Sierra Wireless: Climbs on quarterly profit beat

(Corrects fourth bullet to show co reported profit in year-earlier quarter)

** U.S. shares of Canadian wireless equipment maker’s shares up 19.4 pct to $19.35 premarket after Q2 results top estimates

** Sierra’s profit and revenue forecast for Q3 also largely above Wall Street estimates

** Q2 revenue jumps 16.4 pct, drawing strength from strong demand for its enterprise and Internet of Things services

** Co reported net loss of $11.4 mln compared with $6.8 mln profit in year-earlier quarter

** Sierra has consistently beaten revenue and bottom line estimates in the past 8 quarters

** Stock top advancer on Nasdaq before the bell; on pace for biggest one-day gain since Feb 2017 at current levels

** Shares have lost nearly 45 pct in value in the last twelve months and have fallen 20 pct in 2018 alone (Reporting by Medha Singh in Bengaluru)