By Yasin Ebrahim
Investing.com -- Wolfspeed delivered a better-than-expected outlook after reporting a narrower than expected loss in the fourth quarter as a jump in business wins boosted performance.
Wolfspeed (NYSE: WOLF ) rallied more than 16% in afterhours trading.
The semiconductor products maker reported an adjusted loss of $0.02 a share on revenue of $228.5 million, topping Wall Street estimates for a loss of 10 cents on revenue of $209.3 million.
The beat on the top and bottom lines were helped by a jump in demand, with the company raking in a record of $2.6 billion of design-ins in the fourth quarter.
Looking ahead to the fiscal first quarter, the company forecast a loss of between 2 cents and 8 cents a share on revenue of $232.5 million to $247.5 million, compared with estimates for a loss of 6 cents a share on revenue of $226.3 million.
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