CREE reported its great decline in revenue and profit for the last quarter of the fiscal year 2020

Cree revealed its financial figures for the fourth quarter of fiscal year 2020. The company announced its revenues of US$205.7 million, meaning an on-year drop of 18% compared to the fourth quarter of fiscal year 2019 and a 5% decrease compared to  the third quarter of fiscal year 2020.

Cree also published GAAP net loss of $39.5 million, or $0.36 per diluted share. On a non-GAAP basis, Cree said its net loss was $20.0 million, or $0.18 per diluted share.

For fiscal year 2020, Cree announced revenue of $903.9 million, down by 16% year by year and GAAP net loss of $191.7 million, or $1.78 per diluted share. On a non-GAAP basis, net loss of FY2020 was $49.1 million, or $0.45 per diluted share, compared to non-GAAP net income of $76.9 million, or $0.74 per diluted share, for fiscal year 2019.


 Cree LED chips revenue was up to $97.3 million for the fourth quarter of fiscal year 2020, down by 17% year by year. Wolfspeed revenue also dropped by 19% to $108.4 million. Gross profit dropped by 43% for Wolfspeed and 22% for LED chips this year. For fisca year 2020, Wolfspeed revenue was $470.7 million down by 13% and LED chips revenue was $433.2 million, dropping by 20%. Gross profit for both business division also dropped by 29% and 39% separately.

Looking forward to fiscal results for the first quarter of fiscal year 2021, Cree expects its total revenue in a range of $203 million to $217 million. GAAP net loss is aimed at $83 million to $87 million, or $0.76 to $0.79 per diluted share. Non-GAAP net loss is targeted to be in a range of $22 million to $26 million, or $0.20 to $0.24 per diluted share.