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Why Did IoT Chipmaker Sierra Wireless (SWIR) Soar Today?

Shares of Sierra Wireless SWIR, a leading manufacturer of device-to-cloud solutions for the Internet of Things, gained more than 7.7% in morning trading Wednesday after the company announced that Marc Overton has been appointed the head of its connected services unit.

Overton, who has more than 20 years of experience in the tech and telecom industries, will officially take on the role of “Senior Vice President & General Manager of the Cloud & Connectivity Services Business Unit,” effective immediately.

“I am excited about Marc’s addition to our management team,” said Sierra Wireless CEO Jason Cohenour. “He is an accomplished leader with a proven track record of driving IoT subscriber and services revenue growth.”

Prior to joining Sierra, Overton served as the managing director of innovation of sales in the IoT department at Cisco Systems (CSCO).

Today’s announcement comes just a few weeks ahead of Sierra’s second-quarter earnings report date. According to our Zacks Consensus Estimates, the company is expected to post sales of $170 million and earnings of $0.23 per share for the quarter. These results would represent year-over-year growth of 8.8% and 133.3%, respectively.

Sierra was founded in the early 90s, but the company has recently emerged as a leader in the growing IoT market (also read: How to Invest in the "Internet of Things").

The firm sells mobile computing, device-to-cloud, and machine-to-machine communications products that enable the type of interconnectedness that the IoT is all about.

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