Wolfspeed Sinks As Q4 Outlook Comes In Below Street View

(RTTNews) - Shares of semiconductor company Wolfspeed, Inc. (WOLF) are falling more than 13% Thursday morning after its fourth-quarter outlook came in below analysts' view.

For its fourth quarter, Wolfspeed targets revenue in a range of $212 million to $232 million. Analysts on average polled by Thomson-Reuters expect revenue of $234.57 million.

Adjusted loss is in the fourth quarter is targeted to be in a range of $0.17 - $0.23 per diluted share. The consensus estimate stands at $0.12 loss loss per share.

In the third quarter, the company reported net loss of $99.5 million or $0.80 per share, wider than 66.5 million or $0.54 per share in the same quarter a year ago.

Excluding one-time items, loss was $16 million or $0.13 per share, that beat the consensus estimate at $0.15 loss per share.

Revenue for the quarter, however, increased to $228.7 million from $188 million a year ago.

WOLF, currently at $49.81, has traded in the range of $49.06-$125.48 in the last 1 year.