Wolfspeed Reports Q2 Loss, Beats Estimates
Wolfspeed, Inc. (WOLF) announced a $372.2 million loss for its fiscal second quarter. Per share, the Durham, North Carolina-based company posted a loss of $2.88, while adjusted losses were 95 cents per share.
Analysts' expectations were exceeded, as the average estimate from eight analysts surveyed by Zacks Investment Research was a loss of $1.01 per share.
The energy-efficient lighting manufacturer's revenue reached $180.5 million during the quarter, surpassing estimates. Seven analysts surveyed by Zacks had predicted $179.4 million.
For the current quarter ending in March, Wolfspeed anticipates a loss in the range of 88 cents to 76 cents per share. Revenue is projected to be between $170 million and $200 million.