WOLF - Wolfspeed Non-GAAP EPS of -$0.13 beats by $0.02 revenue of $228.7M beats by $8.62M

2023-04-26 16:08:46 ET

• Wolfspeed press release ( NYSE: WOLF ): Q3 Non-GAAP EPS of -$0.13 beats by $0.02 .
• Revenue of $228.7M (+21.6% Y/Y) beats by $8.62M .
• • For its fourth quarter of fiscal 2023, Wolfspeed targets revenue in a range of $212 million to $232 million vs $234.63M consensus. GAAP net loss is targeted at $98 million to $108 million, or $0.79 to $0.87 per diluted share. Non-GAAP net loss is targeted to be in a range of $21 million to $29 million, or $0.17 to $0.23 per diluted share vs -$0.12 consensus. Targeted non-GAAP net loss excludes $77 million to $79 million of estimated expenses, net of tax, related to stock-based compensation expense, amortization or impairment of acquisition-related intangibles, factory start-up and underutilization costs, amortization of debt issuance costs, net of capitalized interest, project, transformation and transaction costs and loss on Wafer Supply Agreement.
  • For fiscal 2024, Wolfspeed now targets revenue in a range of $1 billion to $1.1 billion vs $1.30B consensus, based on the current ramp plan for 200mm silicon carbide substrate capacity.

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