Why Wolfspeed Stock Skyrocketed Today

Shares of Wolfspeed (NYSE:WOLF) rose as much as 38% on Thursday, lifted by a fantastic first-quarter earnings report. The stock closed the trading session at a 33.2% gain.

The maker of silicon carbide and gallium nitride (GaN) semiconductors saw revenue surge 36% higher year over year, to $156.6 million. On the bottom line, Wolfspeed's net losses shrunk from $0.24 to $0.21 per diluted share. Your average analyst would have settled for a net loss of $0.23 per share on revenue near $149 million.

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Source Fool.com