Reported about 12 hours ago
Wolfspeed has announced a decrease in its first-quarter profits as it continues to navigate challenges following its exit from bankruptcy. The company's shares fell by over 18% due to sluggish demand and stiff competition in the semiconductor market, particularly from STMicroelectronics and Infineon. Despite an increase in revenue to $197 million, Wolfspeed reported a loss of 55 cents per share, highlighting ongoing market softness and uncertainty in the automotive sector as it aims to expand into new high-growth areas.
Source: YAHOO