Posted AT 4:57 PM EST on 27/01/05
Sierra Wireless tumbles
Sierra Wireless Inc. shares dropped as much as 38.5 per cent after the wireless modem and phone maker released disappointing fourth-quarter results and warned that sales in the current quarter will fall as much as 67 per cent.
"Following our considerable revenue and earnings growth in 2004, we expect a significant reduction in our business in early 2005," the Vancouver-based company said in its earnings release late Wednesday.
Sierra Wireless stock plummeted to a low of $10.
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