Cree Announces Q3 Financial Results for Fiscal Year 2008

Cree, Inc., a leading innovator in LED technology, reported revenue of $125 million for the fiscal third quarter ending March 30, 2008, marking a 5% sequential increase and a significant 38% increase year-over-year. However, GAAP net income fell to $5.7 million, or $0.06 per diluted share, down from $21.1 million, or $0.27 per diluted share, in the same quarter last year, affected by expenses tied to the acquisition of LED Lighting Fixtures, Inc. On a non-GAAP basis, net income adjusted for certain items was $12 million, or $0.14 per diluted share. CEO Chuck Swoboda highlighted strong revenue growth driven by increased sales of LED components, including a shift where LED components outperformed LED chip sales for the first time. Looking forward, Cree anticipates further growth in Q4, fueled by demand for energy-efficient lighting solutions.

Cree Announces Q3 Financial Results for Fiscal Year 2008

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