Wolfspeed reports Q3 EPS (13c), consensus (15c)

Reports Q3 revenue $228.7M, consensus $220.08M."We’re proud to have shipped our first product from our Mohawk Valley fab during this quarter, which is a significant development in our business and for the industry," said Wolfspeed Chief Executive Officer, Gregg Lowe. "The learnings from this first shipment will inform our ramp in devices as we continue to expand our capacity to address increasing demand. As such, we are adjusting our fiscal 2024 revenue forecast to reflect the projected growth of our materials production as it relates to supplying Mohawk Valley. Wolfspeed is a testament to the power of long-range investment in complex technology, and we expect further progress in our pursuit of innovation and market leadership," Lowe added.