Why Wolfspeed Stock Popped as Much as 25.2% This Week
Shares of Wolfspeed (NYSE: WOLF) popped as much as 25.2% this week, according to data from S&P Global Market Intelligence. The semiconductor manufacturer and maker of silicon carbide chips posted strong revenue and earnings for its fourth quarter, beating analyst expectations. As of 1:52 p.m. ET on Friday, the stock is up 21.5% this week.
On Aug. 17, Wolfspeed released its fourth-quarter earnings for fiscal year 2022. Revenue grew 57% year over year in the period to $228.5 million, impressively beating analyst expectations of $208 million going into the results. The company had an adjusted earnings loss of $0.02 per share during the period, also beating analyst expectations for a loss of $0.10 for the period.
The big news here is the revenue beat. Management said in the earnings release that Wolfspeed is seeing strong demand from its end markets for silicon carbide parts, which include both electric vehicle and aerospace companies, among other industries. Wolfspeed also opened a new 200-millimeter silicon carbide manufacturing plant in New York to further accelerate its growth plans.
Source Fool.com
