How Cree, Inc. Stock Rose 27% in October
Shares of Cree (NASDAQ: CREE) gained 26.6% in October 2017, according to data from S&P Global Market Intelligence. The light-emitting-diode lighting specialist delivered a mixed first-quarter earnings report in the middle of the month, with a side of optimistic turnaround signals provided by the company's management.
In the first quarter of fiscal year 2018, Cree's sales fell 3% year over year to land at $260 million. On the bottom line, adjusted earnings per share fell from $0.15 to $0.04. The revenue figure fell just short of Wall Street's $361 million target but earnings turned out a penny stronger than expected.
Looking ahead, Cree expects second-quarter sales to stop near $350 million while the bottom line should show an adjusted net profit of roughly $0.02 per share. Both of these targets are slightly ahead of the current analyst view, and the recently appointed CEO hopes to start a significant turnaround from this trough.
Source: Fool.com
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