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Wolfspeed Stock Surges 29% as Revenue Outlook Tops Forecasts

·1 min read
Wolfspeed Stock Surges 29% as Revenue Outlook Tops Forecasts

Shares of Wolfspeed rose nearly 29% Thursday after the chip company issued a fiscal first-quarter revenue forecast that topped analysts’ forecasts. Wolfspeed (ticker: WOLF) said it expects first-quarter revenue of between $232.5 million to $247.5 million, higher than Wall Street forecasts of about $226 million. The guidance was part of Wolfspeed’s fiscal-fourth quarter report, in which the company said its loss in the period narrowed to 50 cents a share from $1.26 a year earlier.