Cree continues its transformation in the year 2019 for its long-term business prospects

According to the fiscal result of Cree that ended September 29,2019, Cree achieved a revenue of US$242.8 million that showed a yearly decrease of 11% compared to the year 2018 and 3% decrease compared to the previous quarter of the year 2019. 

The GAAP results include certain costs, charges and expenses which are excluded from non-GAAP results. By publishing the non-GAAP measures, management intends to provide investors with additional information to further analyze the Companys performance, core results and underlying trends. 

GAAP net loss from continuing operations for the first quarter was $37.8 million compared to GAAP net loss from continuing operations of $0.8 million for the first quarter of fiscal 2019. On a non-GAAP basis, net loss from continuing operations for the first quarter of fiscal 2020 was $3.6 million.

Cree has sold its LED lighting business and is focusing on Wolfspeed business including SiC and GaN products, and power devices and RF devices based on the materials.

Facing the poor business performance, Cree continued its transformation during the first quarter this year, now it is continuing to make long-term prospects by leveraging the benefits of its silicon carbide and GaN solutions to drive innovation.