Wolfspeed Stock Is Falling After The Bell: What’s Going On?

Wolfspeed Inc (NYSE:WOLF) shares are tumbling in Wednesday’s after-hours session in the wake of the company’s third-quarter financial results. Wolfspeed announced initiatives to streamline its cost structure. Here’s a rundown of the report.

• Q1 Revenue: $194.7 million, versus estimates of $200.39 million

• Q1 Adjusted EPS: Loss of 91 cents, versus estimates for a loss of $1.

“To drive operational improvements, we are taking action to enhance efficiency, align our business with current market conditions and become the first silicon carbide company to transition to pure-play 200-millimeter. The transition to a fully 200-millimeter platform allows us to take further initiatives to streamline our cost structure, including closing our manual Durham 150-millimeter Fab, other manufacturing footprint rationalization, and reducing our …

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