Why Wolfspeed Stock Is Plummeting Today

(NYSE: WOLF) stock is crashing in Thursday's trading following the company's recent quarterly report. The chip specialist's share price was down 33.2% as of 1 p.m. ET.

After the market closed yesterday, Wolfspeed published results for the first quarter of its current fiscal year, which ended Sept. 29. While the company posted a smaller-than-expected loss in the quarter, sales and forward guidance fell short of Wall Street's targets.

Wolfspeed posted a non-GAAP (generally accepted accounting principles) adjusted loss of $0.91 per share on revenue of $194.7 million. For comparison, the average Wall Street estimate had called for a loss of $1 per share on revenue of roughly $200.4 million. Revenue for the period was down roughly 1.4% year over year.

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Source Fool.com