Shares of Wolfspeed Inc. fell about 6% in after-hours action Wednesday after the semiconductor company fell short with its revenue and forecast for the current quarter.
The chip company, which focuses on silicon carbide, generated a fiscal second-quarter net loss of $90.9 million, or 73 cents a share, whereas it lost $96.7 million, or 82 cents a share, in the year-earlier period. After adjusting for stock-based compensation, Wolfspeed
lost 11 cents a share, compared with an adjusted loss of 16 cents a share in the year-before period. The FactSet consensus called for a 13-cent adjusted loss per share.
Wolfspeed’s revenue climbed to $216.1 million from $173.1 million but came in below the FactSet consensus, which called for $225.3 million.
Management at Wolfspeed, formerly known as Cree, expects $210 million to $230 million in revenue for its fiscal third quarter, whereas analysts were modeling $248.4 million. Executives are also expecting an adjusted loss per share of 12 cents to 16 cents, while analysts were expecting a 7-cent adjusted loss per share.
“We are capitalizing on the immense opportunity in next-generation power devices by expanding our capacity footprint,” Chief Executive Gregg Lowe said in a release.
He noted that the company is “continuing to make progress” on the “ramp” of its Mohawk Valley device fab.
“Related to Mohawk Valley, a first-of-its-kind fab, we anticipate recognizing revenue from the facility in the second half of fiscal 2023 and we are in the final stages of scaling production,” he said. “We remain on a trajectory to meet this target, but that will largely depend on both our ability to complete qualifications and ramp up the supply of 200mm wafers, which we believe we will achieve.”
Shares of ON Semiconductor Corp.
a chip maker breaking into the market for silicon carbide, were down 3% in aftermarket action Wednesday. Silicon carbide is useful for 5G and electric-vehicle applications.
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