Cree, Inc. (NASDAQ:CREE) posted its quarterly earnings results late in the day yesterday.
It was a rough hump day for the company as its stock declined considerably throughout Wednesday following its earnings report. Its fourth quarter impressed, but Cree’s first-quarter guidance missed the mark.
For its most recent period, the company posted a loss of $6 million, or six cents per share. In the year-ago period, Cree posted a loss of 11 cents per share.
On an adjusted basis, the company earned $4 million, or four cents per share, which was in line with analysts’ expectations. In the year-ago period, this figure was 19 cents per share.
Cree’s revenue tallied up to $359 million, a decline of $29 million compared to the $388 million from a year ago. The figure topped Wall Street’s consensus estimate of $350 million, according to data compiled by FactSet.
For the fiscal year 2017, the company’s loss tallied up to $98.1 million, or a dollar per share. Cree’s revenue in the year came in at around $1.47 billion.
For its fiscal first-quarter of 2018 — the current period — the company predicts revenue in the range of $353 million to $367 million. Analysts expect revenue to be around $361 million, close to the median.
However, Cree’s earnings are slated to disappoint at two cents to six cents per share in the quarter, compared to FactSet’s average projection of 11 cents per share.
CREE stock fell 4.3% Wednesday.