Cree, which rattled investors with a less than bright earnings report and forecast last week, unveiled its promised new LED light bulb Tuesday.
It’s cheaper and looks more like traditional bulbs.
Now, will it light up Cree (Nasdaq: CREE) stock?
Cree Chairman and CEO Chuck Swoboda promised the new bulb in the earnings conference call last week.
And Tuesday it appeared with a cost of $7.97 – some 20 percent that current LED bulbs which are available at Home Depot both in stores and online.
The new bulbs should be available in November.
The bulbs also feature a design that more closely resembles standard bulbs minus some previous heat-control technology that Cree says its newer “4Flow™ Filament Design” enables.
“Since the launch of the original Cree® LED Bulb, consumers are rapidly switching to LED technology,” said Betty Noonan, Cree chief marketing officer. “Our New Cree® LED Bulb goes a step further, delivering even better light performance at a lower price. This new bulb provides consumers a better overall lighting experience which we know drives even more rapid LED adoption.”
According to Cree, the new design “creates a compact, optically balanced light source inside a durable, shatter-proof housing.”
Cree says the bulbs should last 25,000 hours and also is dimable.
Cree is based in Durham.
