Light emitting diode manufacturer Cree (Nasdaq: CREE) beat Wall Street expectations for profits but fell short of projections on revenue in financial results for its most recent quarter.

The news sent Cree shares down 9 percent, or more than $4.50 a share, in after-hours trading.

Cree reported a profit of $66.3 million, or 60 cents per share, after adjustments. Wall Street analysts at Thomson Reuters expected a 58 cent profit.

The profit was 142 percent higher than a year ago.

Revenues, meanwhile, climbed 59 percent from the same quarter last year to $268.4 million. Income also was up 1.5 percent from the previous quarter.

However, analysts reported at Street.com expected Cree revenues to hit $277.7 million.

Cree also had previously estimated a range of $270 million to $280 million.

Looking to the next quarter, Cree forecast flat revenues at between $270 million and $280 million.

“Q1 was another record quarter for Cree as revenue grew in lighting, LED components and power products,” said Cree’s Chairman and Chief Executive Officer Chuck Swoboda in a statement.

“Although total revenue was on the low end of our target range of $270-280 million due to a decline in LED chips, LED lighting adoption continues to gain momentum and the growth drivers for the company remain on track,” he added.

In trading before the markets closed, Cree dropped 4.6 percent, or $2.56, to $53.

For the full financial report,

Earlier in the day, Cree did receive more Wall Street analyst coverage. For details,

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