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© bellemedia dreamstime.com Components | October 23, 2014

Cree's 1Q15 profit slips 64% YoY

LED company, Cree, recorded revenues of USD 427.7 million for its first quarter of fiscal 2015, ended September 28, 2014.
This represents a 9% increase compared to revenue of USD 391.0 million reported for the first quarter of fiscal 2014. GAAP net income for the first quarter was USD 11.1 million, a decrease of 64% year-over-year compared to GAAP net income of USD 30.5 million for the first quarter of fiscal 2014.

“We have good momentum in our Lighting and Power & RF segments, although fiscal Q1 results were below our targeted levels due primarily to lower than expected LED demand,” stated Chuck Swoboda, Cree Chairman and CEO. “While the LED industry conditions are challenging, we’re confident that innovation is still the key to leading the market and driving growth in all of our businesses. Given our technology leadership, new product pipeline and strong balance sheet, we remain uniquely positioned to capitalize as the industry transitions to LED lighting.”

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