Wolfspeed sees its 2Q22 revenues increase 36% YoY
Wolfspeed – formerly known as Cree – achieved revenue of USD 173.1 million for its second quarter of fiscal 2022, ended December 26, 2021.
This represents a 36% increase compared to revenue from continuing operations of USD 127.0 million reported for the second quarter of fiscal 2021, and a 11% increase compared to the first quarter of fiscal 2022.
GAAP net loss from continuing operations for the second quarter of fiscal 2022 was USD 96.7 million, compared to GAAP net loss from continuing operations of USD 54.3 million for the second quarter of fiscal 2021.
"We delivered strong revenue at the high end of our guidance during the quarter, our sixth straight quarter of revenue growth, further validating our positioning to capture accelerating demand. The team is successfully growing and converting opportunities in our device pipeline," said Wolfspeed Chief Executive Officer, Gregg Lowe in a press release. "We are excited about our long-term outlook and we are confident in our strategy and path forward."
For its third quarter of fiscal 2022, Wolfspeed targets revenue in a range of USD 185 million to USD 195 million. GAAP net loss is targeted at USD 66 million to USD 71 million.