WOLF - Why Wolfspeed Stock Plummeted by Nearly 20% Today
2023-04-27 18:50:21 ET
Companies associated with electric vehicles (EVs) have been popular on the exchange lately, but that wasn't the case Thursday with specialty semiconductor stock Wolfspeed (NYSE: WOLF) . Following the release of quarterly results that were marked by disappointing guidance, investors aggressively sold out of the company. As a result, its share price cratered by almost 20% on the day.
For its fiscal third quarter of 2023, Wolfspeed divulged after market hours Wednesday, the company booked revenue of slightly under $229 million. That was well above the $188 million it earned in the same quarter of fiscal 2022, and it topped the average analyst estimate of a bit over $220 million.
The dynamic was similar on the bottom line, with Wolfspeed's non- GAAP (adjusted) net loss deepening only slightly to $16 million, or $0.13 per share, against the year-ago deficit of $14.3 million. Prognosticators following the stock had been modeling a $0.15 per-share loss.
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Why Wolfspeed Stock Plummeted by Nearly 20% Today