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

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

Indonesia Berita Berita

Indonesia Berita Terbaru,Indonesia Berita utama

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

Wolfspeed Inc. shares surged nearly 13% 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.

Berita ini telah kami rangkum agar Anda dapat membacanya dengan cepat. Jika Anda tertarik dengan beritanya, Anda dapat membaca teks lengkapnya di sini. Baca lebih lajut:

 /  🏆 3. in İD
 

Terima kasih atas komentar Anda. Komentar Anda akan dipublikasikan setelah ditinjau.

Indonesia Berita Terbaru, Indonesia Berita utama

Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.

Wolfspeed's stock gains as company notches smaller loss than expectedSilicon-carbide company also gives a better-than-expected outlook on the bottom line
Sumber: MarketWatch - 🏆 3. / 97 Baca lebih lajut »

Stocks making the biggest moves after hours: Pinterest, Wolfspeed, Arista Networks and moreThese are the stocks posting the largest moves in extended trading.
Sumber: CNBC - 🏆 12. / 72 Baca lebih lajut »