Cree, the US LED manufacturer, announced its third quarter of fiscal year 2010 (January-March 2010), and its profit was more than 10 times higher than the same period of the previous year, due to strong market demand. However, Cree’s expectation of profit in the fourth quarter was lower than analysts’ assumptions, and its share price fell.
Data shows that Cree's revenue in the third quarter was $234 million, a 78% increase over the same period of the previous year; net profit also increased from $4.02 million in the same period of the previous year to $46.63 million; earnings per share (EPS) rose from $0.05 to At $0.41, the adjusted earnings per share were $0.47. According to the ThomsonReuters survey, Wall Street analysts originally expected Cree's earnings per share to be $0.44.
Cree expects revenue to continue to grow in the fourth quarter, from approximately $255 million to $265 million; earnings per share are $0.41 to $0.44. Wall Street analysts on average expect Cree's revenue to be $242 million, with a earnings per share of $0.47.
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