Wolfspeed Inc Stock Price, News & Analysis

Wolfspeed, Inc. reported a 22% year-over-year revenue growth in Q3 fiscal 2023, achieving $228.7 million in revenue compared to $188.0 million last year. The GAAP gross margin declined to 29.8%, down from 34.0%, while the net loss widened to $99.5 million, or $0.80 per diluted share. Non-GAAP metrics showed a net loss of $16.0 million, with a gross margin of 32.3%. Design-ins totaled $1.7 billion for the quarter. Looking ahead, Wolfspeed anticipates Q4 revenue between $212 million and $232 million and projects fiscal 2024 revenue of $1 billion to $1.1 billion.

Wolfspeed, Inc. (NYSE: WOLF), a leader in Silicon Carbide technology, has announced a conference call on April 26, 2023, at 5:00 pm ET to discuss third quarter fiscal 2023 results. A live audio webcast and earnings release will be available on their Investor Relations website. Wolfspeed focuses on providing solutions in various sectors such as electric vehicles, renewable energy, and aerospace, emphasizing energy efficiency and sustainability. The company is recognized for its advancements in Silicon Carbide and gallium nitride technologies, which are integral for modern energy consumption.

Wolfspeed (NYSE: WOLF), a leader in Silicon Carbide technology, hosted President Biden during his 'Invest in America' tour at their Durham, NC headquarters. Biden's visit focused on initiatives to boost manufacturing and infrastructure in the U.S. Wolfspeed emphasized its role in the semiconductor industry, committed to advancing the transition to electric vehicles and renewable energy. Currently, the company produces over 60% of Silicon Carbide materials globally and is undertaking a $6.5 billion capacity expansion, including new facilities aimed at increasing production. The first phase of their new North Carolina facility is expected to be completed by 2024.

Wolfspeed, Inc. (NYSE: WOLF) has announced an expansion of its partnership with North Carolina Agricultural and Technical State University to enhance compound semiconductor innovations. The collaboration aims to seek funding under the CHIPS and Science Act for a new research facility focused on Silicon Carbide technology. This facility will complement the ongoing construction of the John Palmour Manufacturing Center in Siler City, North Carolina, which is set to boost production over 10x and create 1,800 jobs by 2024. This partnership emphasizes workforce development and sustainability in semiconductor manufacturing.

Wolfspeed, Inc. (NYSE: WOLF) announced its participation in the 35th Annual Roth Conference, where CFO Neill Reynolds will engage in a fireside chat on March 14, 2023, at 3:30 pm ET. The event underscores Wolfspeed's leadership in Silicon Carbide technology, crucial for energy-efficient applications across various sectors, including electric vehicles and renewable energy. A live webcast will be accessible through the Investor section of Wolfspeed's website.

For further details, visit Wolfspeed's Investor page.

Wolfspeed, Inc. (NYSE: WOLF), a leader in Silicon Carbide technology, announced its participation in the Morgan Stanley Technology, Media & Telecom Conference. Chief Financial Officer Neill Reynolds will engage in a fireside chat at 4:30 pm ET on March 7, 2023. Investors can access a live webcast of this presentation through the Investor section of Wolfspeed’s website. The company focuses on innovative solutions for energy efficiency and sustainability, offering Silicon Carbide and GaN technologies for applications including electric vehicles, renewable energy, and 5G.