Cree stock (NASDAQ:CREE) was surging late in the day on Tuesday as the company unveiled its latest quarterly earnings results, which were a touch ahead of what analysts were calling for.
The company said that for its first quarter of fiscal 2019, it brought in a net loss of $11.1 million, or a loss of 11 cents per share. Analysts were calling for the worldwide manufacturer of LED bulbs to bring in a a net loss of $11 million, according to data compiled by FactSet.
On an adjusted basis, Cree brought in earnings of 22 cents per share, which is better than the 12 cents per share that analysts were calling for, according to FactSet. The company added that its revenue for the first quarter tallied up to $408.3 million, which is ahead of the $407 million that analysts polled by FactSet projected.
The company added that it sees its second-quarter revenue as being in the range of $398 million and $418 million. Cree finance chief told analysts that tariffs on a number of Chinese goods had a negative impact on the company’s first-quarter earnings by 2 cents per share and these will have cut earnings by 3 cents per share in future quarters.
The LED manufacturer sees its second quarter as bringing in a net loss in the range of $5 million and $10 million, or 5 cents to 10 cents per share.
CREE stock is up about 1% after the bell following the company’s strong quarterly earnings showing. Shares had gained a whopping 7.2% during regular trading hours on Tuesday in anticipation of the company’s results.