The share price of Cree Inc., a developer of semiconductors and color LED displays, jumped more than 15 percent on Monday after the company announced that it has increased its current-quarter revenue growth expectations.
Cree has revised its revenue outlook for the three months ending June 2002 and is now targeting increased revenue for the quarter in a range of 8 to 11 percent over the March 2002 period. Previously, the company had announced that it anticipated revenue growth of at least 5 percent.
Durham-based Cree also reiterated its outlook for revenue in the September 2002 quarter of at least a 5 percent increase over amounts targeted for the three months ending June 2002. These revised revenue targets result from stronger demand for LED products, particularly for wireless handsets.
The announcement gave Cree (Nasdaq: CREE) stock a 15.18 percent increase to $12.67 over the previous day’s close of $11. For the 52-week range, Cree’s high was $33.32 and the low was $10.35.
Cree’s LED chips are used in a variety of handset designs,
including indicator lights and providing a backlight source for
keypads and displays. The company believes that it has improved
the overall value proposition for suppliers, which has enabled a
broader penetration for wireless handset applications.
Cree Inc.: www.cree.com