Cree Releases First Quarter 2014 Financial Results

Cree, Inc. reported a robust first quarter for fiscal 2014, achieving revenues of $391 million, a 24% increase year-over-year, with a net income of $30.5 million, marking an 89% rise compared to the same period last year. The growth was attributed to increased sales of lighting products and improved operating efficiencies. Chairman and CEO Chuck Swoboda expressed optimism for continued expansion, particularly in LED fixtures and bulbs, while highlighting the untapped potential within the LED market. Cree’s gross margin improved, and cash and investments rose to $1.1 billion. Looking ahead, the company targets Q2 revenues between $400 million and $420 million, with strategic investments planned to capitalize on recent product successes and gain momentum in sales.

Cree Releases First Quarter 2014 Financial Results

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