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Mar 29, 2020
Wolfspeed Q3 2020 Earnings Report
Reported a decrease in revenue compared to the previous year and previous quarter, with a GAAP net loss.
Key Takeaways
Cree, Inc. reported a decrease in revenue for the third quarter of fiscal year 2020, along with a GAAP net loss from continuing operations. The company is focused on managing short-term challenges related to the COVID-19 pandemic and capitalizing on long-term growth opportunities for silicon carbide and GaN solutions.
Revenue decreased by 21% compared to the third quarter of fiscal 2019.
GAAP net loss from continuing operations was $61.6 million, or $0.57 per diluted share.
Non-GAAP net loss from continuing operations was $15.5 million, or $0.14 per diluted share.
Cree is targeting revenue in a range of $185 million to $215 million for the fourth quarter of fiscal 2020.
Wolfspeed
Wolfspeed
Forward Guidance
For its fourth quarter of fiscal 2020, Cree targets revenue in a range of $185 million to $215 million. GAAP net loss is targeted at $61 million to $70 million, or $0.56 to $0.65 per diluted share. Non-GAAP net loss is targeted to be in a range of $16 million to $25 million, or $0.15 to $0.23 per diluted share.