Wolfspeed Sinks As Q4 Earnings, Outlook Come In Below Estimates

(RTTNews) - Shares of Wolfspeed, Inc. (WOLF), are falling more than 18% Thursday morning after reporting fourth-quarter earnings shy of analysts' view. The company's first-quarter outlook also came in below consensus estimates.

Wolfspeed operates as a powerhouse semiconductor company focusing on silicon carbide and gallium nitride technologies.

The company reported a net loss of $113.3 million or $0.91 per share compared with net income of $32.4 million or $0.26 per share in the same quarter a year ago.

Excluding one-time items, loss was $52.8 million or $0.42 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $0.29 loss per share.

Revenue for the quarter, however, increased to $235.8 million, from $228.5 million last year. The consensus estimate was for $233.19 million.

For the first quarter, Wolfspeed targets revenue in a range of $220 million - $240 million, and adjusted loss per share in the range of $0.60 - $0.75. Analysts expect the company to report loss of $0.25 per share on revenue of $246.78 million for the quarter.

WOLF, currently at $43.49, has traded in the range of $39.02 - $125.48 in the last 1 year.