Sierra Wireless (SWIR: news, msgs, alerts) cut its second-quarter financial targets due to the economic slowdown and a slow ramp up of a new product. The company now expects a loss of $800,000 to $1.5 million, or 5 cents to 9 cents a share, on revenue of $18 million to $20 million. Sierra previously expected earnings of $500,000, or 3 cents a share, on revenue of $24 million. Also, Sierra will write-off inventory of $8 million and will boost its allowance for doubtful accounts to $3 million. Shares closed down 70 cents, or 3.5 percent, at $19.40 and fell to $12.62 on the Island ECN.
Could PMCS be next? |
