Cree shares drop on earnings miss, outlook

Cree Inc. shares dropped in the extended session Tuesday after fiscal fourth-quarter earnings and outlook fell short of Wall Street targets. Cree shares fell 6% to $25.85 after hours. The LED light maker reported adjusted earnings of 19 cents a share on revenue of $388.4 million. Analysts surveyed by FactSet had forecast earnings of 20 cents a share on revenue of $385.8 million. Cree forecast adjusted first-quarter earnings of 10 cents to 16 cents a share on revenue of $310 million to $330 million. Analysts expect 20 cents a share on revenue of $390.5 million.

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