Cree Shares Fall 5% After Earnings, Revenue Miss

By Claudia Assis Markets MarketWatch Pulse

Shares of Cree Inc. fell 5% late Tuesday after the company reported adjusted fiscal third-quarter earnings and sales below expectations. Cree said it lost $99 million, or $1.02 a share, in the quarter, versus a net income of $152,000, or 1 cent a share, for the third quarter of fiscal 2016. Adjusted for one-time items, Cree earned $749,000, or 1 cent a share, in the quarter, compared with $17 million, or 17 cents a share, a year ago. Revenue for the quarter was $342 million, a 7% decrease from revenue of $367 million in the year-ago period. Analysts polled by FactSet had expected adjusted earnings of 7 cents a share on sales of $354 million.

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