WOLF - Why Wolfspeed Stock Soared More Than 25% Higher Today
2023-10-31 12:26:18 ET
Shares of semiconductor maker Wolfspeed (NYSE: WOLF) had gained 25.6% by 10:45 a.m. on Tuesday, powered by a robust earnings report.
First-quarter revenue rose 4.2% year over year, landing at $197.4 million. The company reported an adjusted net loss of $0.53 per share, more than double the loss of $0.24 per share in the year-ago period.
The analyst consensus targets had called for a net loss of $0.67 per share on sales near $207.6 million, so Wolfspeed's results were a mixed bag from the Street's perspective.
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Why Wolfspeed Stock Soared More Than 25% Higher Today