Wolfspeed, Inc. (WOLF) shares dropped in Wednesday's extended trading after the semiconductor company delivered its second-quarter earnings report—the first since crawling out of Chapter 11 bankruptcy.
The Numbers: Wolfspeed posted a loss of $5.78 per share, though comparing that to analyst estimates is tricky given the company applied fresh start accounting after emerging from bankruptcy. Revenue came in at $168.5 million, missing the consensus estimate of $170 million.
Not everything looked grim, though. AI data center revenue jumped roughly 50% from the previous quarter, suggesting the company is gaining traction in that expanding market.
"With a stronger capital structure following our financial restructuring, we are operating with discipline to maintain balance sheet strength while upholding our commitment to disruptive innovation," said CEO Robert Feurle.
Market Reaction: Wolfspeed stock fell 8.98% to $15.72 in after-hours trading Wednesday.
