On August 24, Wolfspeed Inc. fell 8.13% in regular trading, trading at $23.73 per share, with turnover of $14.12 million. The decline was driven by continued market reaction to the company's disappointing fiscal Q4 earnings report.

Wolfspeed reported fiscal Q4 revenue of $149.6 million, significantly below the consensus estimate of $224.5 million and down 24.1% year-over-year. Non-GAAP loss per share came in at $2.26, narrower than the expected loss of $2.45, but substantially wider than the $0.77 loss posted in the same period last year. GAAP gross margin was reported at -25%, with adjusted gross margin at -20%. For fiscal Q1, the company guided revenue to a range of $140 million to $160 million, with the midpoint of $150 million slightly below analyst expectations of $150.4 million. Adjusted EBITDA was -$62 million, while operating cash flow was -$54 million. The company held approximately $1.1 billion in cash and short-term investments as of June 28.

Wolfspeed is a wide-bandgap semiconductor company specializing in silicon carbide and gallium nitride power devices, serving electric vehicles, fast charging, 5G, renewable energy, and aerospace markets.

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