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Wolfspeed Q1 results beat Wall Street estimates; guidance in-line

Investing.com -- Wolfspeed reported Monday a narrower than expected fiscal first-quarter loss even as margins were hurt by factory start up costs as the semiconductor products maker stepped up efforts to expand production. 

Wolfspeed Inc (NYSE:WOLF) rallied more than 8% in afterhours trading.

The company reported an adjusted loss of $0.53 a share on revenue of $197.4 million, topping Wall Street estimates for a loss of $0.67 on revenue of $196.2M.

The better-than-expected results come even as margins more than halved to 13% in Q3 from 36% a year earlier, owing to $34.4M in costs related to efforts to expand production.   

"As part of expanding its production footprint to support expected growth, Wolfspeed is incurring significant factory start-up costs relating to facilities the company is constructing or expanding that have not yet started revenue generating production," the company said.

For Q2, the company guided for an adjusted loss in a range of $0.56 to $0.70 per diluted share on revenue between $192M and $222M, in-line with estimates for a loss of $0.68 on revenue of $207.2M. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.