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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.
Wolfspeed
Wolfspeed
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.