Summary by Moomoo AI
Wolfspeed, a leader in wide bandgap semiconductors, reported a decrease in year-over-year revenue for the quarter ending September 29, 2024, with figures falling from $197.4 million to $194.7 million. The company's gross margin also saw a decline, dropping to (18.6)% from the previous year's 12.5%, with gross profit decreasing to a loss of ($36.2) million from a profit of $24.7 million. Operating loss widened significantly to $230.1 million compared to $94.9 million in the same quarter of the previous year, and diluted loss per share increased to $2.23 from $0.99. Despite these challenges, Wolfspeed maintains a strong liquidity position with $1,687.6 million in combined cash, cash equivalents, and short-term investments. The company's long-term debt, net, stood at $6,169.9 million. In terms of business development, Wolfspeed continues to...Show More
