DURHAM — Wolfspeed’s new semiconductor plant in New York is online and producing chips but that news Wednesday wasn’t enough to excite investors who sent the Durham company’s stock down 8% in afterhours trading.

Wolfspeed (WOLF) reported a loss of $99.5 million in its fiscal third quarter, stating it had a loss of 80 cents per share. Losses, adjusted for non-recurring costs and stock option expense, came to 13 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 15 cents per share.

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Wolfspeed posted revenues of $228.7 million in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $218.5 million.

For the current quarter ending in June, Wolfspeed expects its results to range from a loss of 23 cents per share to a loss of 17 cents per share.

The company said it expects revenue in the range of $212 million to $232 million for the fiscal fourth quarter.

However, analysts at FactSet were expecting better.

“For fiscal 2024, Wolfspeed executives predicted revenue of $1 billion to $1.1 billion, while analysts on average were forecasting $1.29 billion,” Dow Jones reported.

“We’re proud to have shipped our first product from our Mohawk Valley fab during this quarter, which is a significant development in our business and for the industry,” said Wolfspeed Chief Executive Officer Gregg Lowe in the earnings report. “The learnings from this first shipment will inform our ramp in devices as we continue to expand our capacity to address increasing demand. As such, we are adjusting our fiscal 2024 revenue forecast to reflect the projected growth of our materials production as it relates to supplying Mohawk Valley. Wolfspeed is a testament to the power of long-range investment in complex technology, and we expect further progress in our pursuit of innovation and market leadership.”

Wolfspeed also is building a new plant in Chatham County, N.C.

Read the full financial report online.

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