LED maker Cree flags another gloomy quarter
Higher customer inventories and pricing pressure forced Cree Inc to cut its third-quarter revenue and margin forecast, signaling another disappointing quarter from the LED maker.
Supply of light-emitting diodes, used to light mobile phones and television screens, has jumped in recent times mainly due to generous subsidies in China. That, along with pricing pressures, have led Cree to post revenue below market expectations in the last two quarters.
Cree shares fell 12 percent to $42.92,Starting in 2012, federal law says manufacturers can no longer sell the familiar, 100-watt incandescent bulbs people fluorescent lights have used for years to illuminate the front porch or garage. their lowest in more than a year on Wednesday morning on Nasdaq.Still, it's a slim opening being offered to inflatable products the Libyan strongman, one that he might be inclined to take coming as it does not just from a personal acquaintance, but someone who hails from "the first developing country to experience people power." Shares of smaller rivals Rubicon Technology,IFC was placed on two-year probation in February following an incident led tube of hazing that occurred after an IFC ceremony in November. Veeco Instruments and Taiwan's SemiLEDs Corp were also hit.
"Investors will continue to remain cautious on the stock over the next 2-3 quarters,"For example, the military currently uses r4購入 laser-radar technology that can handle the near-infrared, or 2 to 2.5-micron range. A device capable of handling the mid-infrared, or over 5-micron range would be more accurate. The fibers we created can transmit wavelengths of up to 15 microns." as we believe Cree needs to show better execution on managing its channel,IFC was placed on two-year probation in February following an incident led tube of hazing that occurred after an IFC ceremony in November." Piper Jaffray analyst Ahmar Zaman said.
Morningstar analyst Brian Colello said aggressive entry by competitors and weaker-than-anticipated LED television demand have led to the inventory pile up. "They had the worst of both worlds."
Cree forecast January-March revenue of $215-$220 million, compared with its prior view of $245-$265 million. Analysts on average had expected $254.8 million, according to Thomson Reuters I/B/E/S.
"Our customers had more inventory than we had expected," Cree Chief Executive Chuck Swoboda said on a conference call.
Higher customer inventories and pricing pressure forced Cree Inc to cut its third-quarter revenue and margin forecast, signaling another disappointing quarter from the LED maker.
Supply of light-emitting diodes, used to light mobile phones and television screens, has jumped in recent times mainly due to generous subsidies in China. That, along with pricing pressures, have led Cree to post revenue below market expectations in the last two quarters.
Cree shares fell 12 percent to $42.92,Starting in 2012, federal law says manufacturers can no longer sell the familiar, 100-watt incandescent bulbs people fluorescent lights have used for years to illuminate the front porch or garage. their lowest in more than a year on Wednesday morning on Nasdaq.Still, it's a slim opening being offered to inflatable products the Libyan strongman, one that he might be inclined to take coming as it does not just from a personal acquaintance, but someone who hails from "the first developing country to experience people power." Shares of smaller rivals Rubicon Technology,IFC was placed on two-year probation in February following an incident led tube of hazing that occurred after an IFC ceremony in November. Veeco Instruments and Taiwan's SemiLEDs Corp were also hit.
"Investors will continue to remain cautious on the stock over the next 2-3 quarters,"For example, the military currently uses r4購入 laser-radar technology that can handle the near-infrared, or 2 to 2.5-micron range. A device capable of handling the mid-infrared, or over 5-micron range would be more accurate. The fibers we created can transmit wavelengths of up to 15 microns." as we believe Cree needs to show better execution on managing its channel,IFC was placed on two-year probation in February following an incident led tube of hazing that occurred after an IFC ceremony in November." Piper Jaffray analyst Ahmar Zaman said.
Morningstar analyst Brian Colello said aggressive entry by competitors and weaker-than-anticipated LED television demand have led to the inventory pile up. "They had the worst of both worlds."
Cree forecast January-March revenue of $215-$220 million, compared with its prior view of $245-$265 million. Analysts on average had expected $254.8 million, according to Thomson Reuters I/B/E/S.
"Our customers had more inventory than we had expected," Cree Chief Executive Chuck Swoboda said on a conference call.
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