News

Wolfspeed Reports Loss in Recent Quarter

1 Mins read

Wolfspeed, the semiconductor company, reported a loss of $113.3 million, or 91 cents a share, for the fourth quarter ended June 25. This was a significant drop from the net income of $32.4 million, or 26 cents a share, recorded in the same period last year. Analysts had predicted an adjusted loss of 20 cents a share, but the actual adjusted losses came in at 42 cents a share.

In the latest quarter, Wolfspeed faced challenges associated with its new facility, resulting in expenses of $39.5 million on factory start-up costs. These costs accounted for a major portion of the company’s operating expenses. Despite the losses, revenue saw a slight increase from $228.5 million to $235.8 million. Analysts had expected revenue to reach $224.5 million.

Despite the setback, Chief Executive Gregg Lowe remains optimistic about Wolfspeed’s future. “Customers are continuing to select Wolfspeed for their future silicon carbide device needs, so we must remain keenly focused on scaling our materials and device capacity in fiscal 2024,” stated Lowe.

Related posts
News

Bitcoin extends decline to $104,782 as Trump escalates US-China trade war | Today Headline

1 Mins read
(Reuters) -Bitcoin, the world’s largest cryptocurrency by market value, extended declines on Friday after U.S. President Donald Trump escalated his trade conflict…
News

Virtual Assets Drop as Gold Price Surge Slows

1 Mins read
Virtual Assets Drop as Gold Price Surge Slows Bitcoin Falls 1.55% to $121,562 as Gold Futures Plunge 2.39% on Profit-Taking The upward…
News

Bank of Ghana's Gold Gambit Gets Billion Dollar Boost - Ghanamma.com

3 Mins read
Timing, as they say, is everything. The Bank of Ghana couldn’t have picked a better moment to launch its gold backed foreign…

Leave a Reply

Your email address will not be published. Required fields are marked *

66 − 65 =