Mon. Nov 18th, 2019

Cree stock falls after poor outlook

1 min read

Cree Inc.

CREE, -0.07%

shares dropped in the extended session Tuesday after the LED maker’s outlook fell short of Wall Street estimates. Cree shares fell 9% after hours, following a 0.1% decline in the regular session to close at $58.24. Cree expects a fiscal first-quarter loss of 7 cents to 3 cents a share on revenue of $237 million to $243 million, while analysts had forecast earnings of 15 cents a share on revenue of $259.2 million. The company reported a fiscal fourth-quarter loss of $133.7 million, or 33 cents a share, compared with $33.3 million, or 29 cents a share, in the year-ago period. Adjusted earnings were 11 cents a share. Revenue declined to $251.2 million from $265.8 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 10 cents on revenue of $249 million.

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