Cree Tanks on Q2 Earnings Results

Shares of Cree CREE are trading lower in the after-hours following the release of the company's Q2 earnings results. Currently, shares are lower by 5.32%, trading at $22.09; they ended the regular session higher by 1.88%, at $23.33. Cree reported Q2 EPS of $0.25 on revenues of $304.1 million; the Street was looking for $0.26 per share on revenues of $309.61 million. Revenues increased 18.3% year over year. Cree sees Q3 EPS in the range of $0.18-0.25 on revenues of $290-310 million; the Street was looking for $0.30 per share on revenues of $320.64 million. Cree, Inc. develops and manufactures semiconductor materials and devices primarily based on silicon carbide, gallium nitride and related compounds. It focuses its expertise in SiC and GaN on light emitting diode products.