Shares of Wolfspeed (NYSE: WOLF) fell by more than 10% in pre-market trading on Thursday after the manufacturer of wide-bandgap semiconductors forecasted fiscal fourth-quarter adjusted loss between $0.17 to $0.23 per diluted share on revenues in a range of $212 million to $232 million while analysts were expecting a loss of $0.12 per share on revenues of $233 million.
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For FY24, WOLF is targeting revenues between $1 billion and $1.1 billion versus consensus estimates of $1.3 billion.
In the fiscal third quarter, Wolfspeed’s revenues increased by 21.6% year-over-year to $228.7 million beating analysts’ expectations of $220.2 million. Adjusted loss in fiscal Q3 came in at $0.13 per diluted share versus $0.12 per diluted share in the same period last year. This loss was narrower than analysts’ expectations of $0.15 per diluted share.
Overall, Wall Street analysts are cautiously optimistic about WOLF stock with a Moderate Buy consensus rating based on four Buys and six Holds.
