Reuters:

Wolfspeed narrowed its first-quarter loss following its emergence from bankruptcy, according to a Reuters report. However, the company's financial performance underscores the significant challenges it continues to face. Shares declined sharply after the announcement, which revealed persistent hurdles in its post-bankruptcy recovery. For the quarter, Wolfspeed reported an adjusted loss of 55 cents per share, an improvement from the 91-cent loss per share in the same period last year. Despite this progress, the company is grappling with weak demand, delayed orders from automotive manufacturers, and increasing competition. Citing ongoing market softness, Wolfspeed issued a conservative revenue forecast for the second quarter, indicating sustained headwinds for its turnaround strategy.