Cree Revenues, Outlook Misses Street, Shares Down 8%

(RTTNews) - Shares of Cree Inc. (CREE) slipped 8% on extended trading session on Wednesday after the company's third-quarter revenues and current quarter outlook fell short of Wall Street estimates.

Third-quarter net loss was $227.9 million or $0.22 per share, compared with last year's loss of $240.6 million or $0.10 per share last year.

On an adjusted basis, net income from continuing operations for the third quarter was $20 million or $0.20 per share, up from $17 million, or $0.17 per share last year.

Revenues for the quarter rose to $274.1 million from $225.2 million last year.

Analysts polled by Thomson Reuters estimate earnings of $0.16 per share and revenues of $274.52 million for the quarter.

Looking forward to the fourth quarter, Cree targets revenue from continuing operations of $263 million to $271 million and adjusted earnings of $0.12 to $0.16 per share.

Analysts currently estimate earnings of $0.20 per share and revenues of $290.21 million.

CREE closed Wednesday's trading at $64.78, down $1.31 or 1.98%, on the Nasdaq. The stock further dropped $4.78 or 7.38% in the after-hours trade.