Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Wolfspeed CEO: "we are acting on an aggressive plan to optimize our capital structure for both the near and the long term. We've already begun to align the pace of CapEx to our current balance sheet and identify areas to reduce cost & improve profitability..." $WOLF: -4% AH https://t.co/vwWUp9xCMG
$WOLF | Post Market: -3% | Wolfspeed's Q4 FY24 Earning Report: $201M revenue, EPS at -$1.39. Non-GAAP gross margin down to 5% 👉 Business Highlights: ➡️ Consolidated revenue of approximately $201 million, slightly down from $203 million in Q4 FY23. ➡️ Mohawk Valley Fab… https://t.co/94Hd1iJtZo
AI 🫧 News: Wolfspeed ($WOLF) Stock -10% After Hours** - **Revenue:** $201M (vs. $203M expected) - **Loss Per Share:** -$1.39 - **GAAP Gross Margin:** 1% (down from 29%) Wolfspeed’s disappointing earnings report triggers fears of instability in the AI-driven tech sector.
Wolfspeed reported its financial results for the fourth quarter and full fiscal year 2024, revealing a significant decline in performance. The company posted a revenue of $201 million, slightly below the expected $203 million, and reported a loss per share of $1.39. The GAAP gross margin plummeted to 1% from 29% in the previous year, while the non-GAAP gross margin fell to 5%. These disappointing results have led to a 10% drop in Wolfspeed's stock after hours, raising concerns about instability in the AI-driven tech sector. The company's CEO stated that Wolfspeed is implementing an aggressive plan to optimize its capital structure, aligning capital expenditures with the current balance sheet and seeking areas to reduce costs and improve profitability.