Shares of Cree fell nearly 15 percent Wednesday after fourth quarter earnings missed analysts’ estimates and its guidance was weaker-than-expected.
The LED light maker earned an adjusted 19 cents per share for its fiscal fourth quarter, a penny below estimates. Cree’s revenue of $388 million did exceed analysts’ projections by $2 million.
The company also issued weak first quarter guidance, with a profit forecast between 10 and 16 cents adjusted, well below analysts’ expectations of 22 cents, according to Thomson Reuters data. Sales forecasts were also below estimates.
