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Dec 29, 2019
Wolfspeed Q2 2020 Earnings Report
Cree's revenue decreased by 14% compared to the same quarter last year, and GAAP net loss from continuing operations attributable to controlling interest was $52.8 million.
Key Takeaways
Cree, Inc. reported a revenue of $239.9 million for Q2 fiscal year 2020, a 14% decrease compared to the previous year. The GAAP net loss from continuing operations attributable to controlling interest was $52.8 million, or $0.49 per diluted share.
Revenue for the second quarter of fiscal 2020 was $239.9 million.
GAAP net loss from continuing operations attributable to controlling interest for the second quarter was $52.8 million, or $0.49 per diluted share.
Non-GAAP net loss from continuing operations attributable to controlling interest for the second quarter of fiscal 2020 was $10.4 million, or $0.10 per diluted share.
GAAP and non-GAAP net losses from continuing operations attributable to controlling interest for the second quarter of fiscal 2020 include a $8.3 million reserve on inventory related to Huawei.
Wolfspeed
Wolfspeed
Forward Guidance
For its third quarter of fiscal 2020, Cree targets revenue in a range of $221 million to $229 million. GAAP net loss is targeted at $68 million to $62 million, or $0.63 to $0.57 per diluted share. Non-GAAP net loss is targeted to be in a range of $16 million to $10 million, or $0.15 to $0.09 per diluted share.