Why Wolfspeed Stock Was Surging Today

Shares of semiconductor developer Wolfspeed (NYSE: WOLF) were up 30% as of 1:46 p.m. ET on Thursday after the company reported strong earnings results for the fiscal fourth quarter ended June 26. 

Wolfspeed said revenue reached $228 million from $145 million in the year-ago quarter. Adjusted earnings per share also narrowed from a loss of $0.23 in the year-ago quarter to $0.02 in the most recent quarter.

After such a strong finish to the fiscal year, management is seeing long-term upside to its previously issued outlook.

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Source Fool.com