Wolfspeed Stock Surges After-Hours On Mixed Q1 Results

Wolfspeed Inc WOLF shares are trading higher in Monday's after-hours session after the company reported first-quarter earnings. Here's a summary of the details.

What To Know: Wolfspeed reported earnings per share of losses of 53 cents, beating the estimate of losses of 67 cents, up 4% year-over-year. The company posted revenue of $197.4 million, missing the $207.64 million estimate.

Additionally, the company reported device design-ins of $2.2 billion.

Wolfspeed anticipated second-quarter revenue to be between $192 million and $222 million, versus the $221.31 million estimate.

"We kicked off our fiscal year with a strong quarter in both execution and market share. Not only have we continued to win in the marketplace, as evidenced by our third highest quarter of design-ins and a record quarter of design-wins, we have a clear focus on the ramp of our Mohawk Valley Fab," said Wolfspeed CEO Gregg Lowe.

"At Mohawk Valley, we have an outstanding operations team in place, Building 10 on our Durham campus is producing enough 200mm wafers ahead of the needs of Mohawk Valley, and we already have enough qualified product to satisfy our 20 percent utilization goals."

WOLF Price Action: Shares of WOLF were up 9.75% at $30.40 in the after-hours session at the time of publication, according to Benzinga Pro.

Related Link: Why Lumentum Holdings Stock Popped Today

Photo: Republica from Pixabay