Cree Inc Stock Dives After Weak Earnings

Shares of Cree Inc. (CREE) dropped more than 15% in late trading after the manufacturer of light emitting diode (LED) products reported fiscal Q2 earnings of $0.55 per share, $0.03 worse than the Thomson Reuters (TRI) consensus of $0.58.

The company also missed on revenues. Despite a rise of 28.8% on a year-over-year basis revenues came in at $257 million versus the $276.6 million consensus. The co. also issued downside guidance for its Q3, saying it sees EPS of $0.38 – $0.45 on $245 million to $265 million versus $288 million or $0.58 consensus.

At last check, CREE was down $9.87, or 15.63%, to $53.80.

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