Cree LED revenue for 3Q was weaker than expected

Affected from LED chip sales in the backlighting market decline, Cree’s revenue for 3Q was about $268.4 million, up 59% compared to the same quarter in 2009 and increasing 1.5% sequentially, but the result was weaker than expected before.

Cree’s LED chip sales down almost 20% result from weakness in notebook and monitor backlighting demand.Before that, analysts thought the company’s revenues for 3Q would reach $278 million. But the true amount was weaker than expected to $268.4 million.

A leader of Cree noted that although total revenue was lower than their before target due to a decline in LED chips, LED lighting adoption continued to gain momentum and the growth drivers for the company remain on track.

Also, GAAP net income for 3Q increased to $58.0 million up 176% or $0.53 per diluted share, compared for 3Q in 2009.

For in 4Q10, it is expected the company‘s revenues were about $270-280 million.

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