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Wolfspeed Inc. Down 3.76% To $79.22 After Earnings Beat

Thursday, January 26, 2023 12:05 PM | InvestorsObserver Analysts

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Wolfspeed Inc. Down 3.76% To $79.22 After Earnings Beat

Wolfspeed Inc. (WOLF) said after close Wednesday that it lost $0.11 per share in quarter two 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $216.1 million, missing estimates by $13 million.

In the same quarter a year ago, the company lost $0.16 per share on revenue of $173.1 million.

The stock is down 3.76% to $79.22 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 30. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Wolfspeed Inc is involved in the manufacturing of wide bandgap semiconductors. It is focused on silicon carbide and gallium nitride materials and devices for power and radio-frequency (RF) applications. The company serves applications such as transportation, power supplies, inverters, and wireless systems. Geographically, it derives a majority of revenue from Europe and also has a presence in the United States; China; Japan; South Korea, and other countries.

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