Corey's revenue declines, this quarter's poor outlook, announced the suspension of M&A activities

US LED epitaxial refinery Cree announced after the US stock market in the previous quarter that it turned a profit in the previous quarter, but its revenue declined by double digits. The outlook was not good this season and the suspension of M&A activities was disappointing. After the plunge.

Compared with the same period of last year, revenue decreased by 16% to 321 million US dollars; net profit earned 566,000 US dollars, better than the loss of 25 million US dollars in the same period last year. Excluding earnings per share (EPS) fell to $0.15 from $0.21 last year. Contrary analysts estimated revenue and EPS were 323 million and 0.1 US dollars respectively. (Wall Street Journal)

Cree CEO Chuck Swoboda said after the release of the earnings report that in view of the new management team is still in the adaptation stage, the current focus will be on operating the existing lighting business and rebuilding the relationship with the channel partners, as the external M&A activity will be suspended.

Looking forward to this quarter, Cree expects revenue to be between US$3.1-3.8 billion and adjusted EPS to be between US$0.04-0.1. The estimated analysts' revenue and EPS are 337 million and US$0.13 respectively.

Wolfe's sale of power management and RF products division Wolfspeed will be closed in December, the above financial test has first excluded Wolfspeed. Cree closed up 1.61% during the normal trading hours of the US stock market on the day, but fell 9.72% after the close, and temporarily reported $22.75.

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