Wolfspeed Reports Loss – But It’s Less Than Analysts Expected
DURHAM – Wolfspeed, Inc. (WOLF) on Wednesday reported a loss of $ 70.1 million in its first fiscal quarter.
The Durham-based company said it suffered a loss of 60 cents a share. Losses, adjusted for one-time costs and stock option charges, were 21 cents per share.
The results exceeded Wall Street’s expectations. The average estimate of six analysts polled by Zacks Investment Research was of a loss of 24 cents per share.
“We are pleased to report a strong fiscal first quarter, our fifth consecutive quarter of revenue growth supported by the growing market for silicon carbide products. We are leading the transition to silicon carbide solutions during a period of significant change, as evidenced by our growing list of customers and our official name change, ”said Gregg Lowe, CEO of Wolfspeed. “We remain confident that the company is well positioned to realize its full potential as a pure global semiconductor powerhouse. “
Cree is now Wolfspeed, its stocks are trading on the NYSE; big deal with GM
The semiconductor and energy products maker reported $ 156.6 million in revenue during the period, also beating Street’s forecast. Five analysts polled by Zacks expected $ 148.7 million.
For the current quarter ending in January, Wolfspeed expects its earnings per share to be between 16 cents and 20 cents.
The company said it expects revenue in the range of $ 165 million to $ 175 million for the fiscal second quarter.
Wolfspeed study finds 13 to 1 efficiency gains with silicon carbide semiconductors in electric vehicles