Wolfspeed (NYSE:WOLF) stock is heading higher today following the release of the semiconductor company’s earnings report for its fiscal first quarter of 2022.
Let’s dive into that news below to see why WOLD stock is rising.
- To begin with, the company reported an adjusted net loss of 21 cents per share.
- That’s better than Wall Street’s adjusted net loss estimate of 23 cents per share for the quarter.
- It’s also an improvement over the -24 cents per share reported in the same period of the year prior.
- More good news for WOLF stock today includes revenue of $156.6 million.
- Yet again, this beats out analysts’ estimate, which was for revenue of $148.7 million.
- That also has it gaining 36% compared to revenue from the same time last year.
- Another highlight for WOLF stock is guidance in the earnings report.
- The company expects fiscal Q2 revenue to range from $165 million to $175 million.
- That’s looking good next to Wall Street’s estimate of $157.91 million.
- Wolfspeed’s outlook also has it expecting adjusted losses per share between 16 cents and 20 cents.
- This would be better than analysts’ estimate of -25 cents per share.
Gregg Lowe, CEO of Wolfspeed, said the following in the earnings report pushing WOLF stock higher.
‘We are pleased to report a solid fiscal first quarter, our fifth consecutive quarter of revenue growth bolstered by the rapidly expanding marketplace for Silicon Carbide products. We are driving the transition to Silicon Carbide-based solutions during a period of momentous change, which is demonstrated by our expanding list of customers and formal name change.”
WOLF stock was up 31.2% as of Thursday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.