Stock Alert: Sierra Wireless Jumps 12%

(RTTNews) - Shares of Sierra Wireless, Inc. (SWIR) are currently rising over 12%. The IoT solutions company announced that President and CEO Kent Thexton plans to retire from his position. The company also sees revenues for fourth quarter 2020 and first quarter 2021 to beat Wall Street expectations.

SWIR is currently trading at $20.75, up $2.35 or 12.77%, on the Nasdaq.

Kent will remain with the company until June 30th to allow his successor to be hired and to support an orderly transition. The Board have commenced a process to find Kent's successor.

Looking forward, Sierra Wireless said it expects revenues to be above Street consensus of $116.5m in the fopurth quarter, as well as being above Street consensus of $110.0 million in the first quarter of 2021.