Demand is not as expected CREE third quarter net profit fell

The United States LED maker CREE announced in the third quarter to 21 U.S. stocks after hours (as of the end of September only) earnings, revenue increased 9% to $428 million (about 2 billion 620 million yuan), minus $64% to $11 million net profit year (about 67 million 330 thousand yuan), earnings are lower than expected, resulting in after hours stock price fell.

CREE chief executive Chuck Swoboda admitted in a statement that the results are not satisfactory, and attributed to the market demand is not as good as expected. However, he believes CREE R & D technology leader in the industry, the transition to the lighting industry in the process of LED dominant position.

In this season, CREE is expected based on the generally accepted accounting principles international (Non-GAAP) the net profit of 0.24-0.29 billion dollars (equivalent to approximately RMB 1.47-1.77 billion yuan).

CREE shares 21 normal disk period closed up by 0.76%, but after the news hit by bad news earnings fell from $10.71% to $29.6 (equivalent to about RMB 181.17 yuan).

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