logo
Plus   Neg
Share
Email

Cree Revenues, Outlook Misses Street, Shares Down 8%

Shares of Cree Inc. (CREE) slipped 8% on extended trading session on Wednesday after the company's third-quarter revenues and current quarter outlook fell short of Wall Street estimates.

Third-quarter net loss was $227.9 million or $0.22 per share, compared with last year's loss of $240.6 million or $0.10 per share last year.

On an adjusted basis, net income from continuing operations for the third quarter was $20 million or $0.20 per share, up from $17 million, or $0.17 per share last year.

Revenues for the quarter rose to $274.1 million from $225.2 million last year.

Analysts polled by Thomson Reuters estimate earnings of $0.16 per share and revenues of $274.52 million for the quarter.

Looking forward to the fourth quarter, Cree targets revenue from continuing operations of $263 million to $271 million and adjusted earnings of $0.12 to $0.16 per share.

Analysts currently estimate earnings of $0.20 per share and revenues of $290.21 million.

CREE closed Wednesday's trading at $64.78, down $1.31 or 1.98%, on the Nasdaq. The stock further dropped $4.78 or 7.38% in the after-hours trade.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. (AAPL) unveiled a 16-inch MacBook Pro laptop with a larger screen and redesigned keyboard. It is the first major update since the MacBook Pro line was revamped three years ago. The company has moved from a 15-inch screen to a higher-resolution 16-inch screen. Facebook has launched its new payment platform called 'Facebook Pay' in the U.S., joining other tech giants like Google and Apple that have their own payment platforms. The new service will be available across Facebook and its associated apps - Messenger, Instagram and WhatsApp, the social media giant said in a blog post. The payment service supports most major credit and debit cards. Amneal Pharmaceuticals, LLC recalled certain lots of heartburn medication Ranitidine in the form of tablets and syrup for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine, above levels established by the U.S. Food and Drug Administration or FDA. The generic and specialty pharma company is recalling 94 lots of Ranitidine tablets and Syrup.
RELATED NEWS
Follow RTT
>