Why Shares of Cree, Inc. Popped 21% Today

Shares of LED maker Cree, Inc. (NASDAQ: CREE) jumped as much as 20.9% in trading Wednesday after the company reported fiscal first-quarter 2018 results. The company posted a surprise profit and said its business outlook may be getting better as well. At 3:55 p.m. EDT, shares were still up 16% for the day.

Revenue fell 3% from a year ago to $360.4 million, but Cree's net income for the quarter was $4 million, or $0.04 per share on an adjusted basis. Analysts were expecting $361 million in revenue, so the top line was a bit disappointing -- but they also expected a loss of $0.03 per share, and the company easily beat that.

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Source: Fool.com