Wolfspeed, Inc. (NYSE: WOLF) shares moved down 2.37% in pre trading session on Monday as the company released their financial 2023 second quarter results, showing sales of $216.1 million as opposed to $173.1 million.
Wolfspeed Chief Executive Officer, Gregg Lowe stated that they are happy to inform that the design-ins for the previous quarter totaled more than $1 billion, demonstrating the sustained demand for their Silicon Carbide technology. Their power devices continue to expand their market share thanks to strong customer demand and new partnerships with major multinational auto manufacturers like Jaguar Land Rover and Mercedes as well as automotive Tier-1s like BorgWarner and ZF, even though there has been some demand pressure on 5G that has negatively impacted their RF product line.
Lowe went on to say by increasing their capacity footprint; they are leveraging the enormous opportunity in next-generation power devices. They made significant progress in both funding and facility development throughout the quarter. They completed a $1.75 billion convertible note offering that will help them with their development plans, and they are still working on building their Mohawk Valley device fab’s ramp and Siler City, North Carolina’s new materials facility. They anticipate realizing income from the ground-breaking fab in Mohawk Valley in the second part of fiscal 2023, and they are now scaling up production. They are still on track to fulfill this goal, but much will depend on their capacity to complete certification requirements and scale up the supply of 200mm wafers, both of which they think they can do. In the long run, they are certain that the investments they are making in Silicon Carbide capacity will produce strong returns for consumers and investors.
STMicro tops forecasts on autos and industrial demand
European chipmaker, STMicroelectronics (NYSE: STM) moved down 1.09% in pre trading session on Monday as the exceeded forecasts for fourth-quarter sales and profitability on Thursday because to robust demand from industrial and automotive clients who helped it weather the current economic storm. Shares of the business, whose customers include Tesla and iPhone manufacturer Apple, rose up to 9% to a one-year high of 43.10 euros as it exceeded its $16.1 billion sales forecast for 2022.
CEO Jean-Marc Chery stated that STMicro anticipated 2023 sales of $16.8 billion to $17.8 billion, putting it well on path to reach its aim of $20 billion by 2027. He cited robust demand and additional manufacturing capacity. On Wednesday, rival Texas Instruments said first-quarter revenue and earnings would fall short of Wall Street expectations.
An analyst at investing platform Finimize, Paul Allison praised STMicro’s performance as having good figures across the board. But he issued a warning that in 2023, demand from the automobile sector might perhaps stagnate. It’s difficult to predict how long the car business will remain strong, he added. You’d anticipate automobile demand to struggle if they were into a recession, but personal electronics demand may improve.
NXP Semiconductors Announces Conference Call to Review Fourth Quarter and Full Year 2022 Financial Results
NXP Semiconductors N.V. (NASDAQ: NXPI) inches down in pre trading session on Monday as the conclusion of regular trading on the NASDAQ Global Select Market on Monday, January 30, 2023, the company declared it will reveal financial results for the fourth quarter and the entire year 2022. On Tuesday, January 31, 2023, at 8:00 a.m. U.S. Eastern Standard Time, the firm will hold a conference call with the financial community (EST).
NXP Semiconductors’ (NXPI) Relative Strength (RS) Rating increased from 70 to 77 on Friday, moving into a higher percentile. In its most recent report, the firm recorded 46% rise in EPS despite only seeing 20% growth in revenue. On or near January 30, the following quarterly results are anticipated.
