Reported 18 days ago
Chipmaker Wolfspeed has projected its quarterly revenue to fall below estimates amid weak demand from automotive customers, leading to a 15% drop in share prices. The company announced it will incur $174 million in restructuring costs linked to the closure of a facility and reported slowing electric vehicle sales impacting demand for its silicon carbide chips. Wolfspeed now expects second-quarter revenue between $160 million and $200 million, significantly below analyst predictions.
Source: YAHOO