Summary by Futu AI
Wolfspeed, a leader in wide bandgap semiconductors, reported a year-over-year revenue increase of $50.7 million, reaching $606.5 million for the nine months ended March 31, 2024. However, gross margin declined to 12.4% from 33.1%, with gross profit decreasing to $75.0 million from $184.2 million, influenced by $100.4 million of underutilization costs associated with the start-up of the Mohawk Valley Fab. Operating loss widened to $299.4 million from $222.2 million, and diluted loss per share increased to $3.18 from $1.36. Cash and equivalents, along with short-term investments, totaled $2,550.9 million, a decrease from $2,954.9 million. Long-term debt rose to $5,664.3 million from $4,175.1 million. The company's business development saw the completion of the RF Business Divestiture, marking a strategic shift and classifying the RF product line as discontinued operations. Wolfspeed continues to...Show More