DURHAM, N.C. (AP) — Cree Inc., a maker of energy-efficient lighting, reported a 182 percent increase in quarterly net income late Tuesday. But the company provided a more cautious outlook than Wall Street expected, and its stock tumbled 16 percent in after-hours trading.
After the stock market closed Tuesday, the company posted $28.2 million, or 23 cents a share, in net income for its fiscal fourth quarter ending June 30. That’s nearly triple the $10 million, or 9 cents a share, of quarterly net income Cree reported the year before. Read more