WOLF - Why Wolfspeed Stock Dropped 19% This Week
2023-08-18 14:00:00 ET
Shares of Wolfspeed (NYSE: WOLF) are down 19% this week, according to data provided by S&P Global Market Intelligence , after the silicon-carbide electric vehicle (EV) chip specialist announced mixed fiscal fourth-quarter 2023 results and disappointing forward guidance.
To be sure, the entirety of Wolfspeed's drop this week came after it announced fiscal Q4 revenue climbed a modest 3.2% year over year, to $235.8 million, translating to an adjusted ( non-GAAP ) net loss of $52.8 million, or $0.42 per share. Analysts, on average, were expecting a significantly narrower adjusted net loss of $0.20 per share but on lower revenue of $222.7 million.
Wolfspeed secured quarterly design-ins of $1.6 billion in Q4, bringing full fiscal-year 2023 design-ins to $8.3 billion.
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Why Wolfspeed Stock Dropped 19% This Week