Wolfspeed reports wider-than-expected loss in Q4 with revenues down, expecting continued losses

From Nasdaq: 2024-08-22 12:35:00

Wolfspeed reported a fourth-quarter fiscal 2024 non-GAAP loss of 89 cents per share, wider than expected but narrower than the previous year. Revenues of $200.7 million decreased 1% year over year. Power Products accounted for 52.1%, while Materials Products contributed 47.9%.

Despite the challenges, Wolfspeed incurred $20.5 million in factory start-up costs in the fourth quarter of fiscal 2024. The company reported a non-GAAP operating loss of $118.9 million, wider than the operating loss in the year-ago quarter. As of Jun 30, 2024, WOLF had cash, cash equivalents, and short-term investments of $2.17 billion.

For the first quarter of fiscal 2025, Wolfspeed expects revenues in the range of $185-$215 million. Non-GAAP loss is expected between 90 cents and $1.09 per share. The company expects Mohawk Valley Fab to contribute nearly $20-$30 million in revenues. Wolfspeed carries a Zacks Rank #4.

Investors are encouraged to consider better-ranked stocks like Adobe, Smartsheet, and NVIDIA in the Computer and Technology sector. Each of the three stocks carries a Zacks Rank #2. Adobe shares have lost 5.2% year to date, while Smartsheet shares have gained 3.9% and NVIDIA shares have gained 159.4% year to date.



Read more at Nasdaq: Wolfspeed (WOLF) Reports Loss in Q4 Earnings, Revenues Down Y/Y