Why did chipmaker Wolfspeed forecast revenue below estimates?

Chipmaker Wolfspeed forecast current-quarter revenue below estimates on Wednesday as automakers grapple with high inventory levels due to slower-than-expected EV sales growth. DURHAM, N.C.-- (BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF) today announced its results for the third quarter of fiscal 2024.

Is Wolfspeed Inc a good stock to buy in 2023?

Wolfspeed Inc. was the only stock in the Philadelphia Stock Exchange semiconductor index to decline in 2023. Photo by JIM WATSON/AFP via Getty Images files In one of the best years on record for semiconductor stocks, Wolfspeed Inc. managed to lose more than a third of its value and most on Wall Street aren’t betting on a quick turnaround in 2024.

What happened to Wolfspeed (Wolf)?

Wolfspeed (WOLF) shares dropped as much as 21% to an intraday low of $42.01 and were last down 18% in Thursday trading. The stock was on track for its worst one-day performance since Oct. 27, when shares dropped 18.2%. Late Wednesday, Wolfspeed reported a wider-than-expected loss and also forecast one for the current quarter.