Chip firm Wolfspeed’s shares tank on disappointing forecast

Its shares fell 14% in extended trading on Wednesday, after the company also forecast quarterly revenue below market estimates. "We are incurring significant factory start-up costs relating to facilities that we are constructing or expanding that have not yet started revenue-generating production," Wolfspeed said. The midpoint of its quarterly revenue forecast of $220 million to $240 million was also below expectations of $233.2 million.