Electronics maker Cree. Inc. CREE, +7.20% reported first-quarter revenue of $408.3 million, just above analysts’ expectations of $407 million.
Cree said Tuesday it anticipated second-quarter revenue between $398 million and $418 million.
The company reported a net loss of $11.1 million, or a loss of 11 cents a share. Analysts were expecting a net loss of $11 million, or 11 cents per share, according to FactSet.
Putting Google's Pixel 3 Camera to the Test
On an adjusted basis, the company reported earnings of 22 cents per share. Analysts had anticipated adjusted earnings per share of 12 cents.
In August, Cree finance chief Michael McDevitt told analysts tariffs on various Chinese goods would reduce the company’s first-quarter earnings by 2 cents a share and 3 cents in subsequent quarters.
Cree said it expected a second-quarter net loss of between $5 million and $10 million, and a loss per share of between 5 cents and 10 cents.
Cree announced it signed a strategic long-term agreement, valued at more than $85 million, to produce and supply its Wolfspeed silicon carbide wafers to "one of the world’s leading power device companies" but didn’t name the company.
Cree shares ended Tuesday trading at $37.54, up 7.2%. In the after-hours session, shares fell 3.84% to $36.10.
Company website: http://investor.cree.com/investor-relations
Write to Stephen Nakrosis at [email protected]
Source: Read Full Article