Cree Announces Q1 Financial Results for Fiscal Year 2018

Cree, Inc. has reported its financial results for the first quarter of fiscal 2018, ending September 24, 2017, with revenues of $360 million, reflecting a 3% decline from $371 million in the same quarter last year, though showing slight improvement over the previous quarter. The company recorded a GAAP net loss of $20 million, or $0.20 per diluted share, a significant drop from net income of $566,000, or $0.01 per diluted share, in the year-ago period. On a non-GAAP basis, net income stood at $4 million, equivalent to $0.04 per diluted share, down from $15 million, or $0.15 per diluted share, the previous year. In light of these results, CEO Gregg Lowe expressed optimism about navigating both the opportunities and challenges ahead. For the upcoming second quarter, Cree anticipates revenues between $340 million and $360 million, with expected GAAP net losses estimated between $25 million and $31 million.

Cree Announces Q1 Financial Results for Fiscal Year 2018

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