LED and chip manufacturer Cree (Nasdaq: CREE) reported earnings of 42 cents per share and revenue of $436 million for its most recent quarter plus annual revenues of $1.65 billion, which were up 19 percent.

Cree’s earnings, released Tuesday after the markets closed, did top Wall Street expectations by a penny.

However, revenue was $8.1 million short.

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Earnings and revenue projections also fell below expectations for the coming quarter. Revenue is expected to be between $440 million and $465 million with earnings between 40-45 cents per share. Ana;lysts expected revenue of $467 million and 46 cents in earnings, according to financial news site SeekingAlpha.

Shares fell some 7 percent in after-hours trading. 

Cree Chairman and CEO Chuck Swoboda praised the results.

“Fiscal 2014 was another great year, as we achieved record revenue and grew our non-GAAP net income by over 30%,” Swoboda said in a statement.

“The strength of our operating model gives us the flexibility to make investments to support our goal to grow the business and increase operating margin. Our new product pipeline, brand momentum and strong balance sheet put us in a great position to enable our long-term customer goal of 100% upgrade to LED lighting.”

The full earnings report can be read online.