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CREE Net Profit in The Third Quarter Fell
CREE announced the third quarter earnings on 21st Oct (till the end of September); the annual revenue increased 9% to $ 428 million, net profit reduce 64% to 11 million U.S. dollars, outlook also worse than expected, result the after-hours stock price tumbled.
CREE CEO Chuck Swoboda admits the unsatisfactory results in a statement, and ascribes to the market demand is worse than expected. However, CREE’s R&D technology is leading in the industry, he believes it will remain the dominant position during the process that lighting transits to LED.
Looking to the season, CREE expects non-GAAP net profit about 24-29 million U.S. dollars. On the 21st, CREE stock in normal trading hours closed up 0.76%, but after the bad news, the stock tumbled 10.71% to 29.6 U.S. dollars.
