Futu News November 7th news, semiconductor manufacturer.$Wolfspeed (WOLF.US)$Today's pre-market trading is down, the company reported its Q1 2025 fiscal year performance after yesterday's market close. As of the time of writing, the stock is down by 25.53%, trading at $10.21, with pre-market trading volume reaching $0.2709 million.

Performance for the first quarter of the 2025 fiscal year.

• Revenue was $0.1947 billion, compared to $0.1974 billion in the same period last year, a decrease of about 1% year-on-year.

• Net income was -$-0.2822 billion, compared to -$-0.3957 billion in the same period last year, narrowing losses by about 29% year-on-year.

• Diluted net income per share was -2.23 US dollars, compared to -3.16 US dollars in the same period last year, with a year-on-year narrowing of losses by about 29%.

• Gross margin was -19%, compared to 13% in the same period last year.

Performance guidance for the second quarter of the 2025 fiscal year

• Estimated revenue is 0.16 billion US dollars to 0.2 billion US dollars.

• Estimated net income is -0.401 billion US dollars to -0.362 billion US dollars.

• Diluted net income per share is -3.14 US dollars to 2.84 US dollars.

In addition, the company announced yesterday that it will close its 150mm silicon carbide device manufacturing plant in Durham, North Carolina, and restructure related operations in various regions where it operates. At the same time, the company plans to lay off 20% of its employees in the next six months.

About the company

Wolfspeed is a US wide bandgap semiconductor developer and manufacturer, focusing on the research and development of silicon carbide and gallium nitride materials and equipment. Its products are mainly used in the fields of transportation, power, power inverters, and wireless systems in the electrical and RF sectors.