October 28, 2008 / 9:03 PM / in 10 years

UPDATE 1-Sierra Wireless profit falls on launch miss

(Adds details, outlook, background. In U.S. dollars except for share price)

TORONTO, Oct 28 (Reuters) - Wireless modem maker Sierra Wireless (SW.TO)(SWIR.O) posted a lower quarterly profit on Tuesday as it missed an expected product launch with what it described as a large wireless operator, and said its short-term view is “cautious” given economic conditions in its key markets.

It did not identify the large wireless operator.

Sierra, which makes the AirCard and Compass lines of wireless modems, said it earned $7.3 million, or 23 cents a share, in the three months ended Sept. 30. That was down from a profit of $9 million, or 33 cents a share, a year earlier.

Revenue rose 23 percent to $136.8 million in the quarter.

For the upcoming quarter, Sierra forecast revenue of $140 million and diluted earnings of 23 cents a share.

Sierra released its results after markets closed. During the day, its shares slipped 2 percent to close at C$9.31 on the Toronto Stock Exchange.

$1=$1.27 Canadian Reporting by Wojtek Dabrowski and Lynne Olver; Editing by Peter Galloway

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