Why Wolfspeed Stock Dropped 19% This Week
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.
Source Fool.com
