Reuters: Global Markets: Cree earnings forecast falls short of estimates, shares plunge

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Cree earnings forecast falls short of estimates, shares plunge Oct 22nd 2013, 20:40 Share this Email Print Reprints Tue Oct 22, 2013 4:40pm EDT (Reuters) - Cree Inc (CREE.O), 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) Link this Share this Digg this Email Reprints

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