Shares of LED lighting specialist Cree (NASDAQ: CREE ) spiked as much as 6.4% higher in after-hours trading today. Investors cheered the arrival of Cree’s second-quarter earnings report, where the company easily beat Wall Street’s earnings estimates.
Cree reported adjusted earnings of $0.46 per share, well ahead of analysts’ $0.39 target and a 54% year-over-year increase. Sales jumped 20% over the year-ago period, landing at $415 million. Read more.