Cree earnings forecast falls short of estimates, shares plunge
Oct 22 (Reuters) - Cree Inc, a maker of light-emitting diodes (LEDs), reported lower-than-expected first-quarter revenue and forecast current-quarter earnings below analyst estimates, sending its shares down 13 percent in extended trading.
Net income rose to $30.5 million, or 25 cents per share, in the first quarter, from $16.1 million, or 14 cents per share, a year earlier.
Excluding items, the company earned 39 cents per share.
Revenue rose 24 percent to $391 million.
Analysts had expected a profit of 39 cents per share on revenue of $392.3 million, according to Thomson Reuters I/B/E/S.
Cree forecast a current-quarter adjusted profit of 36-41 cents per share, on revenue of $400-$420 million.
Analysts expected a profit of 44 cents per share on revenue of $414.3 million, according to Thomson Reuters I/B/E/S. (Reporting by Supantha Mukherjee in Bangalore; Editing by Ted Kerr)