Latest news with #GreggLowe
Reuters
28-03-2025
- Business
- Reuters
Chipmaker Wolfspeed's shares plunge over 45% to 27-year low
March 28 (Reuters) - Wolfspeed's (WOLF.N), opens new tab shares slumped about 48% on Friday, hitting their lowest since 1998, a day after the chipmaker appointed a new CEO amid its struggles to improve its financial position. The company on Thursday named chip industry veteran Robert Feurle as its chief executive effective May 1, after it ousted top boss Gregg Lowe without cause in November. Wolfspeed has been grappling with a slowdown in demand from automotive customers, which has crimped its profitability. In November, the company said it closed a 50mm device fabrication plant in Durham, North Carolina and was planning to lay off 20% of its employees. Meanwhile, Wolfspeed is also waiting on about $750 million in federal funding under the U.S. CHIPS Act, the landmark 2022 bipartisan law which promised $52.7 billion in subsidies for domestic semiconductor chips manufacturing and production. However, earlier this month, President Donald Trump said U.S. lawmakers should get rid of the law and use the proceeds to pay debt. "Wolfspeed's CHIPS Act grant ended up being the highest-dollar CHIPS grant to not be officially awarded before Biden's exit, leaving it particularly vulnerable to being pulled under the new administration," said Brooks Idlet, senior analyst at CFRA Research. Not receiving the grant "would be devastating for Wolfspeed, likely necessitating a substantial restructuring in order to preserve cash," Idlet said. The CHIPS Act is critical for Wolfspeed as it provides essential funding to accelerate its silicon carbide semiconductor manufacturing expansion. Shares of Wolfspeed were last trading at $2.81. Including the session's losses so far, the stock has lost more than 59% of its value this year. According to estimates by Ortex, about 32.5% of Wolfspeed's free float was in short position as of March 27. A higher short interest indicates that the market expects the stock price to decline.
Yahoo
28-03-2025
- Business
- Yahoo
Chipmaker Wolfspeed's shares plunge over 45% to 27-year low
(Reuters) - Wolfspeed's shares slumped about 48% on Friday, hitting their lowest since 1998, a day after the chipmaker appointed a new CEO amid its struggles to improve its financial position. The company on Thursday named chip industry veteran Robert Feurle as its chief executive effective May 1, after it ousted top boss Gregg Lowe without cause in November. Wolfspeed has been grappling with a slowdown in demand from automotive customers, which has crimped its profitability. In November, the company said it closed a 50mm device fabrication plant in Durham, North Carolina and was planning to lay off 20% of its employees. Meanwhile, Wolfspeed is also waiting on about $750 million in federal funding under the U.S. CHIPS Act, the landmark 2022 bipartisan law which promised $52.7 billion in subsidies for domestic semiconductor chips manufacturing and production. However, earlier this month, President Donald Trump said U.S. lawmakers should get rid of the law and use the proceeds to pay debt. "Wolfspeed's CHIPS Act grant ended up being the highest-dollar CHIPS grant to not be officially awarded before Biden's exit, leaving it particularly vulnerable to being pulled under the new administration," said Brooks Idlet, senior analyst at CFRA Research. Not receiving the grant "would be devastating for Wolfspeed, likely necessitating a substantial restructuring in order to preserve cash," Idlet said. The CHIPS Act is critical for Wolfspeed as it provides essential funding to accelerate its silicon carbide semiconductor manufacturing expansion. Shares of Wolfspeed were last trading at $2.81. Including the session's losses so far, the stock has lost more than 59% of its value this year. According to estimates by Ortex, about 32.5% of Wolfspeed's free float was in short position as of March 27. A higher short interest indicates that the market expects the stock price to decline. Sign in to access your portfolio
Associated Press
06-02-2025
- Automotive
- Associated Press
Power Integrations Names Gregg Lowe to Its Board of Directors
Power Integrations (Nasdaq: POWI), the leader in high-voltage integrated circuits for energy-efficient power conversion, today announced that Gregg Lowe will join the company's board of directors on February 15, 2025. From 2017 until 2024 Mr. Lowe was CEO of Wolfspeed, Inc., where he led the company's transition to a pure-play manufacturer of silicon-carbide solutions for high-power applications. Previously, he was CEO of Freescale Semiconductor from 2012 until its 2015 merger with NXP Semiconductors. Earlier, he had a 27-year career at Texas Instruments, serving in a succession of leadership roles across field sales, automotive sales, marketing, and integrated circuits, culminating in the role of senior vice president and manager of the company's analog business, where he helped direct the acquisition of National Semiconductor. Mr. Lowe currently serves on the boards of Silicon Labs and North Carolina A&T University, and is chairman of the board of the Rock and Roll Hall of Fame Museum. He holds a Bachelor of Science degree in electrical engineering from the Rose-Hulman Institute of Technology and has completed the Stanford Executive Program at Stanford University. Commented Balu Balakrishnan, chairman and CEO of Power Integrations: 'We are delighted to welcome Gregg Lowe to our board. Gregg is an ideal fit thanks to his decades of experience in analog and power semiconductors, particularly his expansive knowledge of the sales and distribution landscape and deep customer relationships in key end markets including automotive and industrial.' Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power-conversion. The company's products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners. Power Integrations, Inc. (408) 414-8528 SOURCE: Power Integrations, Inc. Copyright Business Wire 2025. PUB: 02/06/2025 08:15 AM/DISC: 02/06/2025 08:15 AM
Reuters
29-01-2025
- Automotive
- Reuters
Wolfspeed beats Q2 revenue as business transition takes hold
Jan 29 (Reuters) - Chipmaker Wolfspeed (WOLF.N), opens new tab topped Wall Street estimates for second-quarter revenue and reported a smaller-than-expected net loss on Wednesday, as the company made operational changes to accelerate its profitability. The company closed down some of its facilities in the first quarter of 2025 and transitioned its device business to a 200-millimeter silicon carbide fab, which helps in product efficiency and production capacity. The company looks to capitalize on the growing demand for chips that are manufactured using silicon carbide technology — which is ideal for high-power applications such as EV powertrains, e-mobility, renewable energy systems, battery energy storage systems and AI data centers. Shares of the Durham, North Carolina-based company rose about 1.2% in extended trading. The company's revenue for the second quarter came in at $180.5 million, compared with an average estimate of $179.9 million. Wolfspeed's net loss per share was 95 cents, compared with estimates of a loss of $1.02 per share. The company's Mohawk Valley Fab facility accounted for about $52 million in revenue. Amid weak demand from automotive customers, the company's board ousted its CEO Gregg Lowe in November and appointed Thomas Werner as executive chairman while it finds a permanent CEO. Wolfspeed expects third-quarter revenue from continuing operations to be between $170 million and $200 million, the midpoint of which is below the analysts' average estimate of $193.6 million, according to data compiled by LSEG. It expects quarterly adjusted loss per share between 88 cents and 76 cents, compared with estimates of a loss of 86 cents per share. For the third quarter of fiscal 2025, the company expects to incur $72 million of restructuring-related costs.
