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LED maker Cree's quarterly revenue below estimate, shares fall
April 22, 2014 / 9:06 PM / 3 years ago

LED maker Cree's quarterly revenue below estimate, shares fall

April 22 (Reuters) - Cree Inc, a maker of light emitting diodes, reported a lower-than-expected quarterly revenue, sending its shares down 8 percent in extended trading.

The company’s net income rose to $28.2 million, or 23 cents per share, in the third quarter ended March 30 from $22.2 million, or 19 cents per share, a year earlier.

Revenue rose 16 percent to $405.3 million.

Excluding items, the Durham, North Carolina-based company earned 39 cents per share.

Analysts on average had expected a profit of 38 cents per share on revenue of $407.3 million, according to Thomson Reuters I/B/E/S.

Cree’s shares closed at $58.05 on the Nasdaq on Tuesday. (Reporting by Lehar Maan in Bangalore; Editing by Kirti Pandey)

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