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Tuesday 21 October, 2014 | TEXT_NEWS_RSS_FEED

CREE demand than expected third quarter net profit fell by

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U.S. stocks CREE LED maker announced late in the third quarter on the 21st (ended by the end of September) earnings, revenue increased 9% year to $ 428 million (equivalent to about 2.62 billion yuan), net profit minus 64 percent to 011 million U.S. dollars (equivalent to about 67.33 million yuan), outlook also lower than expected, resulting in after-hours stock price tumbled.

CREE CEO Chuck Swoboda admits unsatisfactory results in a statement, and the blame for the market demand as expected. However, he believes CREE developed leading technology in the industry, the transition to LED lighting industry in the process of dominant position.

Looking to the season, CREE expected non-GAAP basis (Non-GAAP) net profit of about 0.24-0.29 billion (equivalent to about 1.47-1.77 billion).

CREE stock on the 21st of normal trading hours closed up 0.76 percent, but the bad news after the bell that earnings impact tumbled 10.71 percent to 29.6 U.S. dollars (equivalent to about 181.17 yuan).

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