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Sep 27, 2020
Wolfspeed Q1 2021 Earnings Report
Reported a decrease in revenue compared to the same quarter last year, and a GAAP net loss that included a significant goodwill impairment.
Key Takeaways
Cree, Inc. announced revenue of $216.6 million for its first quarter of fiscal 2021, representing an 11% decrease compared to the first quarter of fiscal 2020. The GAAP net loss attributable to controlling interest was $184.4 million, or $1.68 per diluted share, which included a $105.7 million impairment of goodwill.
Revenue for Q1 2021 was $216.6 million, an 11% decrease year-over-year.
GAAP net loss attributable to controlling interest was $184.4 million, or $1.68 per diluted share.
Non-GAAP net loss attributable to controlling interest was $21.3 million, or $0.19 per diluted share.
Cree executed a definitive agreement to sell the LED Products business unit to SMART Global Holdings, Inc.
Forward Guidance
For its second quarter of fiscal 2021, Cree targets revenue from continuing operations in a range of $118 million to $124 million. GAAP net loss from continuing operations is targeted at $64 million to $69 million, or $0.58 to $0.62 per diluted share. Non-GAAP net loss from continuing operations is targeted to be in a range of $25 million to $30 million, or $0.23 to $0.27 per diluted share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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