Chipmaker Wolfspeed forecasts quarterly revenue below estimates as EV sales growth slows [Yahoo! Finance]
Wolfspeed, Inc. (WOLF)
Company Research
Source: Yahoo! Finance
Shares of the company, which counts General Motors and Mercedes-Benz among its customers, fell about 4% in extended trading. Wolfspeed makes chips out of silicon carbide, a more energy-efficient material than standard silicon for tasks such as transmitting power from an electric car's batteries to its motors. EV demand has been growing at a slower-than-expected pace, attributed to high interest rates that lead to chip inventory build-ups at the automakers' factories. The company said it expects fourth-quarter revenue between $185 million and $215 million, compared with analysts' estimate of $225.8 million, according to LSEG data. "While the industrial and energy end markets pose short-term headwinds to our results, we firmly believe in the strength of our long-term prospects as the electrification of all things continues across a broad set of applications," CEO Gregg Lowe said in a statement. Tesla reported a drop in quarterly deliveries in the first quarter of 2024, as it
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WOLF
News
- Wolfspeed, Inc. (WOLF) Investigation: Bronstein, Gewirtz & Grossman, LLC Encourages Investors to Seek Compensation for Alleged WrongdoingsAccesswire
- Jana reveals size of Wolfspeed, QuidelOrtho stakes in filing [Yahoo! Finance]Yahoo! Finance
- Wolfspeed To Participate in Upcoming Investor ConferencesBusiness Wire
- SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Wolfspeed, Inc. - WOLFAccesswire
- Wolfspeed, Inc. (WOLF) Investigation: Bronstein, Gewirtz & Grossman, LLC Encourages Investors to Seek Compensation for Alleged WrongdoingsAccesswire
WOLF
Earnings
- 5/1/24 - Beat
WOLF
Sec Filings
- 5/2/24 - Form 10-Q
- 5/1/24 - Form 8-K
- 3/4/24 - Form 8-K
- WOLF's page on the SEC website