Cree yesterday announced financial results for its first quarter of fiscal 2018, ended September 24, 2017. Revenue for the first quarter of fiscal 2018 was $360 million, which represents a 3% decrease compared to revenue of $371 million for the first quarter of fiscal 2017 and a slight increase compared to the fourth quarter of fiscal 2017. GAAP net loss for the first quarter of fiscal 2018 was $20 million, or $0.20 per diluted share. This compares to GAAP net income of $566 thousand, or $0.01 per diluted share, for the first quarter of fiscal 2017. On a non-GAAP basis, net income for the first quarter of fiscal 2018 was $4 million, or $0.04 per diluted share, compared to non-GAAP net income for the first quarter of fiscal 2017 of $15 million, or $0.15 per diluted share.

(Image: CREE)

"Cree is a company that's known as an innovator with a long history of blazing new trails, and I'm excited to be part of this team," stated Gregg Lowe, Cree CEO. "There are a number of opportunities and challenges in front of us, and I look forward to working together with our talented team to maximize those opportunities while dealing with the challenges head on."

Business Outlook:

For its second quarter of fiscal 2018 ending December 24, 2017, Cree targets revenue in a range of $340 million to $360 million. GAAP net loss is targeted at $25 million to $31 million, or $0.25 to $0.31 per diluted share. Non-GAAP net income is targeted to be in a range of $1 million loss to a $4 million profit, or $0.01 loss per diluted share to $0.04 earnings per diluted share. Targeted non-GAAP income excludes $29 million of expenses, net of tax, related to stock-based compensation expense and the amortization or impairment of acquisition-related intangibles. The GAAP and non-GAAP targets do not include any estimated change in the fair value of Cree's Lextar investment.

(Source: CREE)

Supplemental financial information, including the non-GAAP reconciliation attached to this press release, is available on Cree’s website at here.