Sierra Wireless has completed the sale of its Shenzhen, China-based automotive embedded module product line to Rolling Wireless for US$165 million.
The share price of Internet of Things (IoT) company Sierra Wireless (NASDAQ: SWIR) has been languishing the last couple of years. Sierra's total revenue increased 3.6% year over year in Q3 to $180 million, although that's still below the $203 million total registered in the same period in 2018. Excluding revenue from the legacy automotive hardware segment it's selling off to a consortium of investors led by China-based Fibocom for $165 million, Sierra's Q3 sales were down 17% year over year to $113 million.
SWIR earnings call for the period ending September 30, 2020.