LED lighting company Cree (CREE) posted better-than-expected earnings for its fiscal fourth quarter, but Wall Street was disappointed with the company's first-quarter outlook.
Adjusted earnings in the three months through June 30 were 11 cents a share, below 14 cents a share a year earlier but ahead of analysts' estimates of 10 cents.
For the first quarter, Cree said it expects a loss of between 3 cents and 7 cents a share, well below Wall Street forecasts that called for profit of 15 cents.
Cree also said first-quarter revenue would be in the range $237 million to $243 million vs. analysts expectations of $259 million.
"While the Huawei ban and softness in the LED market will continue to impact the sector in the short-term, our long-term outlook remains unchanged - there is a significant opportunity to help customers make the shift from silicon to silicon carbide solutions for their next-generation applications," said Cree CEO Gregg Lowe in a statement.
Cree shares were down 3.16% in premarket trading to $56.40.
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Constable owns none of the securities listed in this story.