Investing.com - Wolfspeed reported on Wednesday first quarter earnings that beat analysts' forecasts and revenue that topped expectations.
Wolfspeed announced earnings per share of $-0.04 on revenue of $241.30. Analysts polled by Investing.com anticipated EPS of $-0.05 on revenue of $239.77M.
Wolfspeed shares are down 4.3% from the beginning of the year, still down 24.85% from its 52 week high of $142.33 set on November 15, 2021.
Wolfspeed shares lost 11.42% in after-hours trade following the report.
Wolfspeed follows other major Information Technology sector earnings this month
Wolfspeed's report follows an earnings beat by Microsoft on Tuesday, who reported EPS of $2.35 on revenue of $50.1B, compared to forecasts EPS of $2.32 on revenue of $49.86B.
Visa A had beat expectations on Tuesday with fourth quarter EPS of $1.93 on revenue of $7.8B, compared to forecast for EPS of $1.87 on revenue of $7.57B.
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