Wolfspeed (NYSE:WOLF), a company specializing in silicon carbide and gallium nitride technologies, saw its stock retreat in after-hours trading Wednesday after the company reported its financial results for the second quarter.
The company's earnings per share (EPS) were reported at a loss of $0.55, which was better than the anticipated analyst estimate of a $0.63 loss per share. Revenue for the quarter was $208.4 million, slightly exceeding the consensus estimate of $206.19 million.
"We’re proud of our results this quarter, which reflect robust execution of our strategy and fortify our vision for the future of Wolfspeed and silicon carbide," said Wolfspeed CEO, Gregg Lowe.
"We have made considerable progress at our Mohawk Valley facility, tripling revenue sequentially.”
Looking ahead to the third quarter of 2024, Wolfspeed provided guidance that reflects a cautious outlook. The company expects its EPS to be in the range of a loss of $0.57 to a loss of $0.69, in line with the consensus.
Wolfspeed forecasts that it will generate between $185 million and $215 million in the third quarter, widely below the market consensus of $224 million.