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Why Shares of Cree Plunged Today

TheMotleyFool

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Why Shares of Cree Plunged TodayPhoto, wide shot, wide-angle lens, Cloud computing provider, sunset photo at golden hour, photo by Thomas Heaton: https://img.theapi.app/temp/8d7b6619-8b3b-4e9e-b659-68643d72528e.png

Shares of Cree (NASDAQ: CREE) slumped on Wednesday after the LED and semiconductor company reported its fiscal fourth-quarter results. While Cree beat analyst estimates for revenue and earnings, a weak first-quarter outlook sent the stock lower. Cree stock was down about 16.2% at 11:30 a.m. EST.

Cree reported fourth-quarter revenue of $251.2 million, down 5% year over year but $2.25 million above the average analyst estimate. Revenue from the Wolfspeed segment grew 22% to $134.2 million, while LED products revenue slumped 25% to $117.0 million. The Wolfspeed segment includes silicon carbide and gallium nitride materials, as well as power devices and RF devices.

Image source: Cree.

Source Fool.com

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