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Cree: Fiscal 2Q Earnings Snapshot

January 27, 2021 GMT

DURHAM, N.C. (AP) _ Cree Inc. (CREE) on Wednesday reported a loss of $83 million in its fiscal second quarter.

On a per-share basis, the Durham, North Carolina-based company said it had a loss of 75 cents. Losses, adjusted for one-time gains and costs, were 24 cents per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 25 cents per share.

The maker of energy-efficient lighting posted revenue of $127 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $121.6 million.

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For the current quarter ending in April, Cree expects its results to range from a loss of 25 cents per share to a loss of 21 cents per share.

The company said it expects revenue in the range of $127 million to $133 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $128.2 million.

Cree shares have dropped 3% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $102.46, more than doubling in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CREE at https://www.zacks.com/ap/CREE