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Mar 26, 2023
Wolfspeed Q3 2023 Earnings Report
Wolfspeed's Q3 2023 financial performance, showing revenue growth but increased net losses.
Key Takeaways
Wolfspeed reported a 22% year-over-year increase in revenue to $228.7 million for Q3 2023. However, the company experienced a GAAP net loss of $99.5 million, or $0.80 per diluted share, compared to a net loss of $66.5 million, or $0.54 per diluted share, in the prior year. The company shipped its first product from its Mohawk Valley fab during the quarter.
Revenue reached $228.7 million, a 22% increase compared to the previous year.
GAAP net loss was $99.5 million, or $0.80 per diluted share, up from $66.5 million, or $0.54 per diluted share, year-over-year.
Non-GAAP net loss was $16.0 million, or $0.13 per diluted share, compared to $14.3 million, or $0.12 per diluted share, in the prior year.
Design-ins totaled $1.7 billion for the quarter.
Wolfspeed
Wolfspeed
Forward Guidance
For the fourth quarter of fiscal 2023, Wolfspeed targets revenue in a range of $212 million to $232 million. GAAP net loss is targeted at $98 million to $108 million, or $0.79 to $0.87 per diluted share. Non-GAAP net loss is targeted to be in a range of $21 million to $29 million, or $0.17 to $0.23 per diluted share.