Welcome to our dedicated page for Wolfspeed news (Ticker: $WOLF), a resource for investors and traders seeking the latest updates and insights on Wolfspeed stock.
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Wolfspeed, Inc. (NYSE: WOLF) reported its financial results for the third quarter of fiscal year 2024, highlighting a consolidated revenue of approximately $201 million, a significant increase in revenue from Mohawk Valley Fab, and materials revenue reaching the second-highest quarter on record. The company also secured design-ins worth $2.8 billion and quarterly design-wins of $0.9 billion, with 70% related to EV applications. However, GAAP gross margin decreased to 11% compared to 31% in the prior year. The CEO expressed confidence in achieving operational targets and highlighted progress in facility construction. Wolfspeed anticipates a revenue target of $185 million to $215 million for the fourth quarter of fiscal 2024.