Cree Cuts Q4 Guidance; Shares Down - Quick Facts

(RTTNews) - Cree, Inc. (CREE) reduced its guidance for the fourth quarter of fiscal 2019 due to the impact from Huawei matter, and also due to the softer than projected demand for the company's LED products. In May, the Bureau of Industry and Security of the U.S. Department of Commerce added Huawei Technologies Co. to a Entity List. For the fourth-quarter, Cree now expects: revenue from continuing operations in the range of $245 million to $252 million, updated from prior guidance range of $263 million to $271 million. Non-GAAP net income from continuing operations is now expected to be in a range of $0.08 to $0.12 per share. The company's prior non-GAAP earnings guidance range was $0.12 and $0.16.

Analysts polled by Thomson Reuters expect the company to report profit per share of $0.15 on revenue of $271.24 million. Analysts' estimates typically exclude special items.

Shares of Cree, Inc. were down more than 6% in pre-market trade on Tuesday.