Wolfspeed Stock Falls After Q1 Revenues Miss Estimates: Here's What To Know

Core Insights - Wolfspeed Inc. reported a quarterly loss of 55 cents per share, which was better than the analyst consensus estimate of 64 cents loss [2] - The company's quarterly revenue was $196.8 million, falling short of the Street estimate of $198.5 million [2] - CEO Robert Feurle highlighted the resilience and focus of the Wolfspeed team during the restructuring process, emphasizing a leaner organization focused on product innovation and market leadership [3] Financial Performance - Quarterly losses were reported at 55 cents per share, beating the expected loss of 64 cents [2] - Revenue for the quarter was $196.8 million, which missed the expected $198.5 million [2] Future Outlook - Wolfspeed anticipates a sequential decline in revenue for the fiscal second quarter, projecting between $150 million and $190 million [4] - The expected decline is attributed to accelerated customer purchases in the first quarter, as customers built up inventory before the planned closure of the Durham fab [4] - The company noted that some customers are pursuing second-sourcing of products during the bankruptcy process [4] Stock Performance - Following the earnings report, Wolfspeed's stock price decreased by 13.10%, trading at $27.80 in extended trading [4]