Sierra Wireless announced that it was cutting 56 jobs, or 10 percent of its workforce, to rein in costs amid uncertain demand.
The British Columbia-based company announced layoffs Thursday afternoon after the market closed. It is the latest wireless industry company to announce job cuts during the past few months. The wireless modem maker said that the job cuts would affect all levels of the company, save $5.5 million and largely be completed during the first quarter.
Sierra said that though it had expanded its portfolio significantly in recent years, uncertain economic conditions and prospects for future demand for its products led to the layoffs. The company acquired Wavecom, a French company that makes machine-to-machine wireless technology, for approximately $277 million in a friendly deal in December. The move was a large one for Sierra, which decided to pull the plug on a much smaller proposed acquisition of wireless networking firm Cradlepoint in July.
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