Cree announced the results of its fiscal 1Q20 ended September 29, 2019. For the fiscal quarter, Cree registered a revenue of US$242.8 million, which represents an on-year decrease of 11% and a 3% decrease compared to the previous quarter.

GAAP net loss from continuing operations for the first quarter was $37.8 million compared to GAAP net loss from continuing operations of $0.8 million for the first quarter of fiscal 2019. On a non-GAAP basis, net loss from continuing operations for the first quarter of fiscal 2020 was $3.6 million.

The company has sold its lighting business and is focusing on Wolfspeed business including SiC and GaN products, and power devices and RF devices based on the materials.

“The transformation of Cree continued during the quarter and we delivered results that met or exceeded the upper end of our ranges," stated Gregg Lowe, CEO of Cree. “While we will continue to experience some near-term headwinds, we are continuing to build our long-term prospects as customers look to leverage the benefits of our silicon carbide and GaN solutions to drive innovation.”