CREE announced its financial results for the second quarter of the year 2018

Cree had announced its financial results for its second quarter of fiscal 2018, whose financial calculation ended on December 24, 2017.

Revenue for the second quarter of fiscal 2018 was $368 million, which means an 8% decrease compared to revenue of $401 million for the second quarter of fiscal 2017 and a 2% increase compared to the first quarter of fiscal 2018. GAAP net income for the second quarter of fiscal 2018 was $14 million, or $0.14 per diluted share. This compares to GAAP net income of $6 million, or $0.06 per diluted share, for the second quarter of fiscal 2017. On a non-GAAP basis, net loss for the second quarter of fiscal 2018 was $1 million, or $0.01 per diluted share, compared to non-GAAP net income for the second quarter of fiscal 2017 of $30 million, or $0.30 per diluted share.

The second quarter results were up to the target range of CREE, and they have made great progress in our strategic assessment process, Gregg Lowe of Cree CEO. has traveled much in the last few months to meet the clients, partners and staffs for meaningful market survey.

For its third quarter of fiscal 2018 ending March 25, 2018, Cree sets its target revenue in a range of $335 million to $355 million. GAAP net loss is targeted at $20 million to $26 million, or $0.20 to $0.26 per diluted share. Non-GAAP net income is targeted to be in a range of $3 million loss to a $3 million profit, or $0.03 loss per diluted share to $0.03 earnings per diluted share. Targeted non-GAAP income does not include $23 million of expenses, net of tax, related to stock-based compensation expense and the amortization or impairment of acquisition-related intangible assets. The GAAP and non-GAAP targets do not cover any estimated change in the fair value of Cree investment on Lextar.