Wolfspeed Stock Sinks After Mixed Q4 Earnings, Lowered Q1 EPS Guidance

Wolfspeed, Inc. WOLF shares are trading lower in the after-hours session Wednesday after the company reported mixed fourth-quarter financial results and issued first-quarter earnings per share guidance below estimates.

What To Know: Wolfspeed reported quarterly losses of 42 cents per share, which missed the analyst consensus estimate of losses of 20 cents. The company reported quarterly sales of $235.8 million, which beat the analyst consensus estimate of $222.82 million, a 3.19% increase over sales of $228.5 million the same period last year.

Wolfspeed anticipates first-quarter earnings per share to be in a range between losses of 75 cents per share and losses of 60 cents versus the Street estimate of losses of 29 cents.

Revenue is estimated to be in a range between $220 million and $240 million versus a $233.19-million estimate

"We're proud to have shipped our first product from our Mohawk Valley fab during this quarter, which is a significant development in our business and for the industry," said Wolfspeed CEO Gregg Lowe.

"The learnings from this first shipment will inform our ramp in devices as we continue to expand our capacity to address increasing demand. As such, we are adjusting our fiscal 2024 revenue forecast to reflect the projected growth of our materials production as it relates to supplying Mohawk Valley."

Related Link: Cisco Q4 Results: Shares Rise After Earnings And Sales Beat

WOLF Price Action: Shares of WOLF were down 10.3% at $47.65 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by Dan Williams from Pixabay.