Cree, Inc. Issues Downside Guidance, Shares Trading At New 52-Week Lows In #PreMarket
LED lightbulb maker Cree, Inc. (NASDAQ: CREE) issued downside guidance Thursday morning. The company expects its first quarter earnings per share to be in a range of $0.25 to $0.30, below the consensus estimate of $0.42.
Cree's first quarter revenue is now expected to see be $428.0 million, below the $440 million to $465 million guidance the company issued on August 12 when Cree reported its fourth quarter results. The company's revised revenue guidance also falls below the consensus estimate $455.30 million.
Shares of Cree were last trading at new 52-week lows in the pre-market session at $33.75, down more than 14 percent.
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