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Why Wolfspeed Stock Was Surging Today

TheMotleyFool

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Why Wolfspeed Stock Was Surging TodayPhoto, wide shot, wide-angle lens, Consumer electronics manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Hiroshi Sugimoto: https://img.theapi.app/temp/d8a4268f-c982-4aa8-a09e-f9ee1db62f57.png

Shares of semiconductor developer Wolfspeed (NYSE: WOLF) were up 30% as of 1:46 p.m. ET on Thursday after the company reported strong earnings results for the fiscal fourth quarter ended June 26.

Wolfspeed said revenue reached $228 million from $145 million in the year-ago quarter. Adjusted earnings per share also narrowed from a loss of $0.23 in the year-ago quarter to $0.02 in the most recent quarter.

After such a strong finish to the fiscal year, management is seeing long-term upside to its previously issued outlook.

Source Fool.com

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