WOLFSPEED Reports Earnings for FY2023 Q4 as of June 30 2023
August 23, 2023
🌥️Earnings Overview
On August 16 2023, WOLFSPEED ($NYSE:WOLF) reported its earnings results for the fourth quarter of fiscal year 2023, covering the period ending June 30 2023. For the quarter, WOLFSPEED’s total revenue was USD 235.8 million, a 3.2% year-over-year increase. However, the net income for the quarter decreased to USD -113.3 million from USD 32.4 million in the same quarter last year.
Price History
On Wednesday, WOLFSPEED reported its earnings for the fourth quarter of Fiscal Year 2023. The company opened the trading day at $53.8 and closed at $53.2, down 2.3% from its prior closing price of $54.4. This follows an overall trend for the fiscal year, with revenues increasing slightly but net income decreasing for the second year in a row. In terms of outlook, WOLFSPEED expressed optimism in its ability to continue to grow and strengthen its position in the market. The company stated that it felt positive about its strategy for the next fiscal year and was hopeful that it could regain profitability as well as continuing to grow its revenues.
Overall, WOLFSPEED reported mixed results for its fourth quarter earnings. Despite a decrease in net income, increased revenues show that the company is still able to grow in spite of the challenging economic climate. The company remains optimistic about its future prospects and looks forward to another year of growth and success. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Wolfspeed. WOLFSPEED_Reports_Earnings_for_FY2023_Q4_as_of_June_30_2023″>More…
| Total Revenues | Net Income | Net Margin |
| 921.9 | -329.9 | -35.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Wolfspeed. WOLFSPEED_Reports_Earnings_for_FY2023_Q4_as_of_June_30_2023″>More…
| Operations | Investing | Financing |
| -142.6 | -1.15k | 2.6k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Wolfspeed. WOLFSPEED_Reports_Earnings_for_FY2023_Q4_as_of_June_30_2023″>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 6.62k | 5k | 13.03 |
Key Ratios Snapshot
Some of the financial key ratios for Wolfspeed are shown below. WOLFSPEED_Reports_Earnings_for_FY2023_Q4_as_of_June_30_2023″>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 0.7% | -59.9% | -41.1% |
| FCF Margin | ROE | ROA |
| -119.9% | -14.2% | -3.6% |
Analysis
At GoodWhale, we recently conducted an analysis of WOLFSPEED‘s wellbeing. The results of our assessment led us to conclude that WOLFSPEED is a high risk investment from both a financial and business standpoint. On our website, goodwhale.com, we have identified three risk warnings that were present in the company’s income sheet, balance sheet, and cashflow statement. To get a better understanding of these risks and the overall health of WOLFSPEED, we encourage investors to register with GoodWhale and review our findings. We believe it is important for investors to be well-informed and make sound decisions when it comes to investing in WOLFSPEED. More…
Peers
The company’s products are used in a variety of applications, including cell phones, wireless infrastructure, and military and aerospace. Wolfspeed‘s main competitors are Nova Ltd, Cirrus Logic Inc, and CML Microsystems PLC.
– Nova Ltd ($NASDAQ:NVMI)
Nova Ltd is a large company with a market cap of 2.09B. It has a strong ROE of 25.44%. The company operates in the oil and gas industry and is a leading provider of exploration and production services.
– Cirrus Logic Inc ($NASDAQ:CRUS)
Cirrus Logic, Inc. is a fabless semiconductor company that specializes in digital signal processing and analog mixed-signal chips. It has a market cap of $3.79B and a ROE of 21.86%. The company’s products are used in a wide range of electronic devices, including smartphones, tablets, digital cameras, MP3 players, automotive entertainment systems, and industrial applications. Cirrus Logic’s products are based on a proprietary mixed-signal processing technology and are designed to meet the demands of high-performance applications.
– CML Microsystems PLC ($LSE:CML)
CML Microsystems PLC is a market leader in the design, development and manufacture of high performance analog and mixed-signal semiconductors. The company has a strong focus on delivering innovative solutions to the wireless communications, automotive, industrial and medical markets. CML Microsystems has a long history of profitability and has a strong balance sheet with no debt. The company’s shares are listed on the London Stock Exchange.
Summary
WOLFSPEED reported total revenue of USD 235.8 million for FY2023 Q4, a 3.2% year-over-year growth, and a net loss of USD 113.3 million compared to the same period last year’s net income of USD 32.4 million. Considering the year-over-year increase in revenue and the steep decline in net income, investors may be wary of investing in WOLFSPEED. Analysts will need to further assess the company’s financials to determine if potential gains can outweigh the risks of investing in the company.
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