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

21-08-2020
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 financial results comparision between the fourth fiscal quarter of the year 2019 and 2020 respectively

 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.
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