Wolfspeed (NASDAQ:WOLF), known for its advancements in silicon carbide and gallium nitride technologies, experienced a 5% decline in its stock pre-market today, following the announcement of its second-quarter financial performance.

The company reported an earnings per share (EPS) loss of $0.55, which was better than analysts' expected loss of $0.63 per share. Its revenue reached $208.4 million for the quarter, slightly above the consensus estimate of $206.19 million.

For the third quarter of 2024, Wolfspeed issued guidance that suggests a cautious stance. The company anticipates its EPS to range from a loss of $0.57 to a loss of $0.69.

Additionally, Wolfspeed projects its revenue for the third quarter to be between $185 million and $215 million, which is significantly below the market consensus of $224 million.