WOLF - Is It Too Late to Buy Wolfspeed Stock?
2023-08-18 10:46:48 ET
Wolfspeed 's (NYSE: WOLF) stock sank 15% during after-hours trading on Aug. 16 after it posted its latest quarterly report. For the fourth quarter of fiscal 2023, which ended on June 25, the chipmaker's revenue rose 3% year over year to $236 million and exceeded analysts' expectations by $13 million. However, its adjusted net loss widened from $26 million to $53 million, or $0.42 per share, and missed the consensus forecast by $0.22.
That earnings miss was disappointing, but is the market too bearish on Wolfspeed -- which has already declined 34% year to date and remains 68% below its all-time high? Let's see if it's too late to bet on this niche chipmaker's long-term recovery.
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Is It Too Late to Buy Wolfspeed Stock?