Shares of Wolfspeed Inc (NYSE: WOLF) opened about 25% up on Thursday after the semiconductor company reported market-beating results for its fiscal first quarter and gave upbeat guidance for the future.
Q1 financial performance
Wolfspeed said its revenue printed at $156.6 million in Q1 that represents a year-over-year increase of 36%. It was the fifth consecutive quarter for Wolfspeed to note revenue growth.
The NYSE-listed firm, however, lost $70.1 million in the recent quarter that was still lower than last year’s $75.3 million. On an adjusted per-share basis, it lost 21 cents in the first quarter.
In comparison, analysts had called for a wider 23 cents of adjusted per-share loss on a lower $148.7 million in revenue.
Guidance for the fiscal second quarter
For the fiscal second quarter, Wolfspeed forecasts up to 20 cents of adjusted EPS on $165 million to $175 million in revenue. In the earnings press release, CEO Gregg Lowe said:
We’re driving the transition to Silicon Carbide-based solutions during a period of momentous change, which is demonstrated by our expanding list of customers. We remain confident that the business is well-positioned to realize its full potential as a pure-play global semiconductor powerhouse.
Formerly known as Cree Inc, the U.S. firm formally changed its name to Wolfspeed Inc earlier this month, marking successful transition to a global semiconductor powerhouse.
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