Wolfspeed, Inc. (NYSE:WOLF) released its third-quarter results after Thursday's closing bell. Here's a look at the key figures in the report.
The Details: Wolfspeed reported quarterly losses of 72 cents per share, which beat the analyst consensus estimate of losses of 77 cents. Quarterly revenue of $185.4 million missed the Street estimate of $194.13 million and is down from revenue of $200.7 million from the same period last year.
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“At the beginning of the year, the Company outlined a plan focused on strengthening our capital structure, improving our path to profitability, and raising cost-effective capital to support our growth plan,” said Tom Werner, chairman of the board of Wolfspeed.
“I’m pleased to report that the board and management have made significant progress against all of the priorities we outlined — completing our $200 million ATM offering, receiving $192 million of our Section 48D cash tax refunds, simplifying the business to focus on our pure-play 200 millimeter capabilities and accelerating our path to cash flow breakeven, and hiring Robert Feurle as Wolfspeed’s new CEO,” Werner added.
“Most importantly, we continue to work closely with our lenders on ways to address our capital structure so that Wolfspeed has a strong financial foundation to support its continued success.”
WOLF Price Action: According to data from Benzinga Pro, Wolfspeed stock was down 9.71% at $4 after-hours Thursday.
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