Is the worst over for Cree (Nasdaq: CREE)?

The Durham-based LED firm’s latest earnings report Tuesday beat the Street and a revenue forecast was largely in line with expectations.

The result: A small boost in share price during after-hours trading.

Just three weeks ago, Cree issued a revenue warning. The news sent shares down 14 percent.

But Tuesday evening, Cree Chair and CEO Chuck Swoboda was upbeat. 

“Q3 operating results were in-line with the preliminary estimates we provided on April 5th,” he said.

“I believe we’ve addressed the root causes that led to our recent business challenges.

“We improved customer responsiveness in March, and we’re optimistic that this, combined with new product momentum, will drive sequential growth in fiscal Q4.”

Cree shares rose 2 percent to $25.13 in after-hours trading.

Earnings for the quarter ended up being 17 cents per share, topping expectations by analysts of 14 cents.

Revenue came in at $367 million, which had been expected by analysts.

Looking ahead, Cree forecast earnings of between 16-22 cents and revenue of between $370-395 million.

However, in the current quarter Cree has to perform well to be in line with Street analysts’ projections.

Its forecasts are generally inline with analysts expectations of 18 cents and $391.4 million, noted

Read the full earnings report at: