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Cree Stock Down 10% On Quarterly Results

Shares of Cree Inc. (CREE) slipped nearly 10% on Wednesday morning hurt largely by its fourth quarter results.

CREE is currently trading at $77.78, down $8.47 or 9.82%, on the Nasdaq, on a trading volume of 2.7 million shares, above average volume of 1.1 million shares. For the 52 week period, Cree's shares have traded between $56.39 and $129.90. The stock has gained nearly 20% in that time frame.

Cree's fourth-quarter loss widened to $147.6 million or $1.28 per share from $38.9 million or $0.36 per share last year. Adjusted loss were $26.9 million or $0.23 per share for the period. Analysts polled by Thomson Reuters expected a loss of $0.24 per share.

Revenues for the quarter gained to $145.8 million from $$108.4 million last year. Analysts had a consensus revenue estimate of $145.17 million for the quarter.

Looking forward to the third quarter, the company expects a loss of $0.21 to $0.25 per share and revenues of $144 million to $154 million.

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