Wolfspeed's stock gains as company notches smaller loss than expected

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 64 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Silicon-carbide company also gives a better-than-expected outlook on the bottom line

Wolfspeed Inc. shares rose 8% in after-hours trading Monday after the silicon-carbide company forecast a slimmer-than-expected loss for its ongoing quarter.

The company posted a fiscal first-quarter net loss of $402.7 million, or $3.22 a share, compared with a loss of $26.2 million, or 21 cents a share, in the year-earlier period. On an adjusted basis, Wolfspeed WOLF, -3.41% lost 53 cents a share, whereas it lost 24 cents a share a year before. The FactSet consensus was for a 67-cent loss per share.“As part of expanding its production footprint to support expected growth, Wolfspeed is incurring significant factory start-up costs relating to facilities, the company is constructing or expanding that have not yet started revenue-generating production,” the company said in its release.

Revenue came in at $197.4 million, up from $189.4 million a year prior. Analysts tracked by FactSet were modeling $196.2 million. Looking to the fiscal second quarter, the company models $192 million to $222 million in revenue, where analysts had been looking for $207.1 million. The company also anticipates an adjusted net loss from continuing operations of 56 cents a share to 70 cents a share, whereas the FactSet consensus was for a 69-cent loss per share.“The market opportunity for silicon carbide stands at $6 billion today, up from $400 million just five years ago,” Chief Executive Gregg Lowe said in a release.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market Today: Dow racks up swashbuckling gains as big tech shows strengthStock Market Today: Dow racks up swashbuckling gains as big tech shows strength
Source: Investingcom - 🏆 450. / 53 Read more »