Wolfspeed Inc. (NYSE:WOLF) released its first-quarter earnings report after Wednesday's closing bell. Here's a look at the details from the quarter.
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The Details: Wolfspeed reported quarterly losses of 55 cents per share, which beat the analyst consensus estimate for losses of 64 cents.
Quarterly revenue came in at $196.8 million, which missed the Street estimate of $198.5 million.
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“In my first months as CEO, I’ve been deeply impressed by the resilience and focus of the Wolfspeed team. Through our restructuring, we’ve strengthened the foundation of the company, emerging as a leaner organization with a focus on product innovation and market leadership,” said Wolfspeed CEO Robert Feurle.
Outlook: Wolfspeed said it expects a sequential decline in revenue with $150 million and $190 million for its fiscal second quarter, driven primarily by accelerated customer purchases in the first quarter, as “certain customers built up inventory by placing orders from the Durham fab prior to its planned closure at year-end, and by certain customers pursuing second-sourcing of products during the pendency of Wolfspeed’s bankruptcy process.”
WOLF Stock Price: According to data from Benzinga Pro, Wolfspeed stock was down 13.10% at $27.80 in Wednesday's extended trading.
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