A revenue warning from Cree sent investors scurrying for the exits early Thursday. Shares plunged 14 percent to a 52-week low of $34.20 after the Durham-based LED manufacturer said revenue would be “below prior guidance” for the quarter ending Sept. 28.

Further, Cree (Nasdaq: CREE) said the new quarter is “similar” to the most recent.

“For the second quarter of fiscal 2015, order visibility remains limited and similar to this point in the first quarter,” Cree said in a statement issued before the markets opened Thursday.

Cree cut is revenue estimate to $428 million from a targeted range of $440-465 million for the quarter that just ended.

The company also said gross margin also will be lower.

The news sent shares plunging 14 percent to a low of $34.20, down $5.22 cents from Wednesday’s close.

Cree’s 52-week high is $75.98.

While revenue for lighting products is expected to be up 51 percent over last year at $223 million and power/RF component sales are up 24 percent to $31 million, sales for LED products are projected to tumble 20 percent to $174 million, Cree said.

 

Cree will disclose a final earnings report for the just-ended quarter and its current-quarter outlook on Oct. 21.