Cree stock declines as wider-than-expected loss forecast

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Cree Inc. shares declined in the extended session Tuesday after the electronics component company forecast a wider-than-expected loss. Cree shares declined 2% after hours, following a 5.4% drop in the regular session to close at $68.44. Cree expects an adjusted loss of 24 cents to 20 cents a share on revenue of $203 million to $217 million in the fiscal first quarter, while analysts surveyed by FactSet had forecast earnings of 13 cents a share on revenue of $209.4 million. The company reported a fiscal fourth-quarter loss of $39.5 million, or 36 cents a share, compared with a loss of $34.5 million, or 33 cents a share, in the year-ago period. Excluding stock-based compensation and other items, the adjusted loss was 18 cents a share, compared with net income of 11 cents a share in the year-ago period. Revenue declined to $205.7 million from $251.2 million in the year-ago quarter. Analysts had forecast a loss of 19 cents a share on revenue of $198.6 million.
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