(Reuters) -Wolfspeed on Wednesday reported a weaker first-quarter profit, highlighting the challenges facing the U.S. chipmaker as it recovers from bankruptcy and confronts subdued demand, sending its shares down more than 7% in extended trading.

The company, a key supplier of silicon carbide semiconductors used in electric vehicles and renewable energy equipment, has faced slow orders from automakers and mounting competition from larger rivals such as STMicroelectronics and Infineon.

“In line with others in the industry, Wolfspeed has experienced ongoing softness in the market that it expects will continue through fiscal 2026,” the company said.

Wolfspeed, which filed for Chapter 11 protection in June and emerged last month after slashing its debt by about 70%, is still contending with

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