Cree reported earnings and revenue that both topped Wall Street expectations on Wednesday,and investors reacted positively, driving up Cree shares more than 3 percent in after-hours trading just after the financials were disclosed.
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Cree CEO Greg Lowe has made its Wolfspeed power subsidiary the focus of growth strategy at the Durham-based LED and semiconductor technology firm. And that decision has made another big payoff.
Read MoreThe head of LED lighting at Cree has left the company in the latest management change made by CEO Greg Lowe since he joined the technology conglomerate in 2017.
Read MoreA surge in revenues year-over-year and from the previous quarter as well lifted Cree (Nasdaq: CREE) well past Wall Street expectations Tuesday.
Read MoreCree’s Wolfspeed has developed a breakthrough technology that it says will help bridge the gap between electric and gas vehicles on cost and performance.
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Cree executives told Wall Street analysts Tuesday that the semiconductor, power product and LED lighting firm is launching a plan to “right size” its Lighting Products group.
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Cree is boosting the importance of its Wolfspeed group, acquiring the radio frequency business of chip firm Infineon for $428 million. Just a year ago, Cree dropped plans to sell Wolfspeed to Infineon.
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Gregg Lowe, the new CEO at Durham-based Cree, plans to transform the LED giant with greater reliance on and expectations for its Wolfspeed business. Check out the slide show he presented to Wall Street analysts.
Read MoreThomas Wessel, a veteran executive in the semiconductor industry with more than 20 years of experience, is the new senior vice president for global sales and marketing at Cree.
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