Cree announced its financial results for the second quarter of fiscal 2019, ended December 30, 2018. Revenue for the second quarter of fiscal 2019 was US$413 million, up by 12% YoY.
GAAP net loss for the second quarter of fiscal 2019 was US$2 million, or $0.02 per diluted share. This compares to a GAAP net income of $14 million, or $0.14 per diluted share, for the second quarter of fiscal 2018. On a non-GAAP basis, net income for the second quarter of fiscal 2019 was $23 million, or $0.23 per diluted share, compared to non-GAAP net loss for the second quarter of fiscal 2018 of $1 million.
Cree’s business performance of its 2Q19 was beyond its expectation with the driving momentum from Wolfspeed and improved gross margin in all of its business sectors. CEO of Cree, Gregg Lowe, said, “This performance is particularly gratifying when considering the current challenges associated with tariffs and global trade tensions. While we’re certainly not immune to the turmoil in our served markets, our business is demonstrating a resiliency that we believe shows we are on the right track with our strategy.”
For its third quarter of fiscal 2019 which will end on March 31, 2019, Cree targets revenue in a range of US$385 million to US$405 million.
Cree has adjusted its management team since the end of 2018 and announced its partnership with STMicroelectronics for SiC wafer supply by the beginning of 2019. The company has also shifted the business focus to its Wolfspeed sector after the Gregg Lowe took over the position of CEO in 2017. These modifications seems reflect positively on Cree’s financial results as the company have continued reached its business targets since the second quarter of fiscal 2018.
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