Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) has reported results for its second quarter ending June 30, 2018, the company said.
Revenue for the second quarter of 2018 was USD 201.9 million, an increase of 16.4%, compared to USD 173.4 million in the second quarter of 2017. Product revenue was USD 178.8 million, up 9.4% year-over-year, and Services and Other revenue was USD 23.1 million, up 130.4% compared to the second quarter of 2017.
Quarterly revenue for the three business segments was as follows: (i) Revenue from OEM Solutions was USD 150.9 million in the second quarter of 2018, up 4.5% compared to USD 144.4 million in the second quarter of 2017; (ii) Revenue from Enterprise Solutions was USD 28.4 million in the second quarter of 2018, up 31.1% compared to USD 21.7 million in the second quarter of 2017; and (iii) Revenue from IoT Services was USD 22.6 million in the second quarter of 2018, up 209.6%, compared to USD 7.3 million in the second quarter of 2017 driven by the contribution from Numerex and organic subscriber growth.
Sierra Wireless is an IoT pioneer, empowering businesses and industries to transform and thrive in the connected economy. Customers start with Sierra because we offer a device to cloud solution, comprised of embedded and networking solutions seamlessly integrated with our secure cloud and connectivity services. OEMs and enterprises worldwide rely on our expertise in delivering fully integrated solutions to reduce complexity, turn data into intelligence and get their connected products and services to market faster. Sierra Wireless has more than 1,300 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com.