Cree’s earnings and revenue both topped Wall Street analysts’ expectations Tuesday, sending shares up nearly 8 percent in after-hours trading.
“We made solid progress,” says Chair and CEO Chuck Swoboda.
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Cree (Nasdaq: CREE) reported earnings of 33 cents per share. Analysts had expected 22 cents.
Revenue, meanwhile, topped estimates by $1 million at $413 million.
However, revenue was down nearly 1 percent eyar-over-year.
“We made solid progress in Q2 with operating margin higher than targeted due to an improvement in gross margins in our lighting business,” Swoboda said. “The market for LED lighting is still in the early stages, our new product pipeline is strong, sales momentum is building and our brand is growing in the market.”
Cree recently unveiled new “smartbulb” LED bulbs and a less expensive LED bulb manufacturing technology as well as a cheaper, more traditional looking LED bulb.
