Cree Shares Rise After Earnings Beat
Cree Inc. shares rose in the extended session Thursday after the LED light maker's quarterly results topped Wall Street estimates and gave a mixed outlook. Cree shares rallied 6.6% to $25.90. The company reported adjusted fiscal second-quarter earnings of 30 cents a share on revenue of $435.8 million. Analysts surveyed by FactSet had estimated 24 cents a share on revenue of $434.8 million. Cree said it expects adjusted fiscal third-quarter earnings of 22 cents to 29 cents a share on revenue of $400 million to $430 million. Analysts had forecast 23 cents a share on revenue of $431.8 million.
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