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Why Cree Stock Just Dropped 8%

TheMotleyFool

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Cree (NASDAQ: CREE) stock is tumbling, getting pummeled 8.2% (as of 1:40 p.m. EST) after the company reported a bit of a sales beat last night...but an earnings miss, and a warning of worse earnings to come.

Yesterday after close of trading, Cree reported fiscal second-quarter 2020 sales of $239.9 million, or $3.5 million more than Wall Street analysts had predicted. Profits, however, went missing, with Cree reporting an "adjusted" loss of $0.10 per share, versus the expected $0.09 per-share loss.

Image source: Getty Images.

Source Fool.com

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