Technology Stock Powers Higher on Financial Results

Sierra Wireless, Inc. (TSX:SW), a technology stock, shot up after announcing Q2 financial results that surpassed analyst expectations

Sean Mason | August 3, 2018 | SmallCapPower

Better-than-expected financial results put a charge into a Canadian technology stock Friday. Here’s some small stocks making big moves on Friday, August 3, 2018 (as of 4 pm EST):

Sierra Wireless, Inc. (TSX:SW), a technology stock, surged 19% to $25.04 on Friday after announcing second-quarter financial results that surpassed analyst expectations, with revenue for the period rising 16% to US$201.9 million. Company operations showed an increase in its higher-margin Enterprise Solutions and Internet of Things businesses.

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As well, shares of Aimia Inc. (TSX:AIM) rose 8% to $3.74 as the marketing and loyalty analytics company said it has entered into a comprehensive partnership designating Porter Airlines as a preferred Canadian airline to issue Aeroplan Miles on Porter routes effective July 2020.

PHX Energy Services Corp. (TSX:PHX), meanwhile, reported that it has achieved its highest second-quarter adjusted EBITDA in Company history of $10.0 million as its consolidated revenue for the quarter increased 28% to $69.0 million. PHX Energy Services stock moved up 12% to $2.31 following the announcement.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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