Cree Reports Financial Results of Fiscal 2Q20 with Decreased Revenue and Profits

Cree published the financial results for the second quarter of its Fiscal 2020 which ended December 29, 2019.

The company registered revenues of US$239.9 million for the quarter which decreased by 14% YoY and 1% QoQ. GAAP net loss from continuing operations attributable to controlling interest for the second quarter was US$52.8 million. On a non-GAAP basis, net loss from continuing operations attributable to controlling interest for the second quarter of fiscal 2020 was $10.4 million.

GAAP and non-GAAP net losses from continuing operations attributable to controlling interest for the second quarter of fiscal 2020 include a US$8.3 million reserve on inventory related to Huawei. As a result of the reserve on inventory related to Huawei, net losses per share from continuing operations attributable to controlling interest on a GAAP and non-GAAP basis increased by $0.08 and $0.05, respectively.

The company has focused on its Wolfspeed business of RF semiconductor manufacture in recent years and sold its lighting business to Ideal Industries in March 2019. Cree increased investment in SiC in the past year and extended its partnerships with STMicroelectronics, ABB, ZF and other industry players.

Despite its transformation, Cree reported that it is expecting negative impacts on its business due to the uncertain global environment including the continuous trade negotiation between the US and China and the coronavirus outbreak. For the third quarter of fiscal 2020, Cree set its target at a revenue range of US$221 to US$229 million and GAAP net loss of US$68 million to US$62 million.

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