Plus   Neg

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
Deutsche Lufthansa AG eported Wednesday sharply wider net loss in its first quarter with lower revenues as Covid-19 pandemic caused drastic decline in air travel. The German airline continues to expect a significant decline in fiscal 2020 adjusted EBIT. Further, the company said it expects capacity to increase from 3 percent of original planning in May to up to 40 percent in September. Google and its parent company, Alphabet Inc. is facing a lawsuit for allegedly invading millions of users' privacy by tracking their internet use even when browsing in private mode. The complaint, filed in the federal court in San Jose, California, seeks at least $5 billion in damages for violations of federal wiretapping and California privacy laws. Shares of Zoom Video Communications (ZM) gained 4% on extended session Tuesday after the video conferencing software company reported a first-quarter results that trumped Wall Street estimates and issued a outlook for the second and full year 2021 that is expected to beat current expectations. First-quarter...
Follow RTT