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Wolfspeed expects the first-quarter fiscal 2023 loss between 2 cents and 8 cents per share. Revenues are anticipated to be $232.5-$247.5 million.
The Zacks Consensus Estimate for fiscal first-quarter revenues is pegged at $239.76 million, implying growth of 53.10% from the figure reported in the year-ago quarter.
The consensus mark for loss has stayed at 5 cents per share over the past 30 days. Wolfspeed had reported a loss of 21 cents per share in the year-ago quarter.
Wolfspeed’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters, the average surprise being 30.65%.
Let’s see how things have shaped up for the upcoming announcement:
Factors to Consider
Wolfspeed has been benefiting from the increasing use of silicon carbide substrates in high-voltage applications. The momentum is expected to have continued in the fiscal first quarter, driven by design wins in the automotive, industrial and energy end markets.
Wolfspeed’s top-line growth is expected to have benefited from strong power devices.
Although the gross margin is expected to have improved due to continued improvements in power device execution, Wolfspeed expects the non-GAAP gross margin between 35.5% and 37.5%, whereas it reported 34% in the year-ago quarter.
However, start-up costs related to the newly opened Mohawk Valley fab are expected to have affected the quarterly bottom line. Wolfspeed expects the fiscal first-quarter non-GAAP operating loss between $2 million and $10 million. WOLF had reported an operating loss of $33.4 million in the year-ago quarter.
What Our Model Says
According to the Zacks model, the combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Although Wolfspeed currently sports a Zacks Rank #1, its Earnings ESP stands at 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
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Wolfspeed (WOLF) to Report Q1 Earnings: What's in the Cards?
Wolfspeed (WOLF - Free Report) is set to report first-quarter fiscal 2023 results on Oct 26.
Wolfspeed expects the first-quarter fiscal 2023 loss between 2 cents and 8 cents per share. Revenues are anticipated to be $232.5-$247.5 million.
The Zacks Consensus Estimate for fiscal first-quarter revenues is pegged at $239.76 million, implying growth of 53.10% from the figure reported in the year-ago quarter.
The consensus mark for loss has stayed at 5 cents per share over the past 30 days. Wolfspeed had reported a loss of 21 cents per share in the year-ago quarter.
Wolfspeed’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters, the average surprise being 30.65%.
Wolfspeed Price and EPS Surprise
Wolfspeed price-eps-surprise | Wolfspeed Quote
Let’s see how things have shaped up for the upcoming announcement:
Factors to Consider
Wolfspeed has been benefiting from the increasing use of silicon carbide substrates in high-voltage applications. The momentum is expected to have continued in the fiscal first quarter, driven by design wins in the automotive, industrial and energy end markets.
Wolfspeed’s top-line growth is expected to have benefited from strong power devices.
Although the gross margin is expected to have improved due to continued improvements in power device execution, Wolfspeed expects the non-GAAP gross margin between 35.5% and 37.5%, whereas it reported 34% in the year-ago quarter.
However, start-up costs related to the newly opened Mohawk Valley fab are expected to have affected the quarterly bottom line. Wolfspeed expects the fiscal first-quarter non-GAAP operating loss between $2 million and $10 million. WOLF had reported an operating loss of $33.4 million in the year-ago quarter.
What Our Model Says
According to the Zacks model, the combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Although Wolfspeed currently sports a Zacks Rank #1, its Earnings ESP stands at 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Airbnb (ABNB - Free Report) has an Earnings ESP of +9.59% and has a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Airbnb shares are down 27.9% year to date. ABNB is set to report its third-quarter 2022 results on Nov 1.
ZoomInfo (ZI - Free Report) has an Earnings ESP of +1.27% and a Zacks Rank #2.
ZoomInfo shares have declined 30.1% on a year-to-date basis. ZI is set to report its third-quarter 2022 results on Nov 1.
Apple (AAPL - Free Report) has an Earnings ESP of +0.89% and a Zacks Rank #3.
Apple shares are down 17.1% year to date. AAPL is set to report its fourth-quarter fiscal 2022 results on Oct 27.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.