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.
Wolfspeed, Inc. (NYSE: WOLF) is a pioneering company in the semiconductor industry, specializing in wide bandgap materials. Originating from North Carolina's Research Triangle Park, Wolfspeed has grown to become a global leader in silicon carbide (SiC) and gallium nitride (GaN) technologies.
Wolfspeed focuses on producing advanced semiconductor components for a variety of applications, including transportation, power supplies, inverters, and wireless systems. The company's products are known for their efficiency and high performance, contributing to smaller system sizes and reduced costs across industries. These qualities have made Wolfspeed's components essential in sectors such as electronics, energy, and communications.
In recent news, Wolfspeed has launched a New York Registered Apprenticeship Program (RAP) in collaboration with the National Institute for Innovation and Technology and the U.S. Department of Labor. This initiative is part of the Institute's Growing Apprenticeships in Nanotechnology and Semiconductor (GAINS) program. The apprenticeship aims to develop a skilled workforce for the semiconductor and advanced manufacturing industries.
Wolfspeed's RAP offers on-the-job training and college instruction to apprentices, preparing them for roles such as Equipment Technicians and Industrial Manufacturing Technicians. This program underscores Wolfspeed's commitment to workforce development and capacity expansion at their Mohawk Valley Fab.
Geographically, Wolfspeed derives a significant portion of its revenue from Europe but also maintains a presence in the United States, China, Japan, South Korea, and other regions. The company continues to innovate and expand, driven by a passion for creating efficient and sustainable solutions. For more information, visit www.wolfspeed.com.
The Schall Law Firm, a national shareholder rights litigation firm, has announced an investigation into Wolfspeed, Inc. (NYSE:WOLF) for potential securities law violations. The investigation focuses on whether Wolfspeed issued false or misleading statements or failed to disclose important information to investors.
The investigation was prompted by a Reuters report published on June 20, 2024, which revealed that Wolfspeed had delayed plans to build a $3 billion plant in Germany. According to the report, construction won't start until mid-2025 at the earliest, two years later than originally planned. This news caused Wolfspeed's shares to fall by 8.62% on the same day.
Shareholders who suffered losses are encouraged to participate in the investigation and contact The Schall Law Firm for more information.
Wolfspeed, Inc. (NYSE: WOLF), the global leader in silicon carbide technology, has announced its upcoming fiscal fourth quarter and full year 2024 earnings call. The call is scheduled for Wednesday, August 21, 2024, at 5:00 pm Eastern Daylight Time. CEO Gregg Lowe and CFO Neill Reynolds will host the conference call and audio webcast.
Investors and interested parties can access the live webcast of the earnings conference call, along with the earnings release, on Wolfspeed's Investor Relations website at https://investor.wolfspeed.com. This event will provide an opportunity for stakeholders to gain insights into the company's financial performance and future outlook.
Wolfspeed (NYSE: WOLF) reported significant progress and operational updates. The Mohawk Valley 200mm silicon carbide fab reached 20% utilization and attained LEED Silver certification. Their Building 10 Materials facility met its 200mm wafer production target, aiming for 25% utilization by end of 2024. The John Palmour Manufacturing Center activated its initial furnaces and is on track for crystal qualification by August 2024. However, an equipment incident at the Durham 150mm device fab caused a temporary capacity reduction, though production has resumed. Wolfspeed expects a fiscal Q4 2024 revenue impact, with gross margins between -4% to 4% GAAP and 0% to 8% non-GAAP. A preliminary fiscal Q1 2025 forecast indicates potential $20 million revenue impact.
Wolfspeed, a leader in silicon carbide technology, has announced participation in two key investor conferences in May and June 2024. CEO Gregg Lowe and CFO Neill Reynolds will present at the 52nd Annual J.P. Morgan Global Technology, Media and Communications Conference on May 20, 2024, at 1:10pm ET. CFO Neill Reynolds will also speak at the 44th Annual William Blair Growth Stock Conference on June 5, 2024, at 2:20pm ET. Both presentations will be webcast live on Wolfspeed’s Investor Relations website.
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.
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