Cree Concludes Divestiture of Lighting Business, Reports LED Product Revenues Down 22%

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Nov 6, 2019

Cree reported non-GAAP loss of 3 cents per share in first-quarter fiscal 2020. Revenues came in at $242.8 million, down 11% year over year.

LED Products revenues were $115.1 million, down 22% on a year-over-year basis and accounted for 47% of total revenues. Weakness in worldwide trade uncertainties affected segmental revenues.

Cree had concluded the divestiture of Lighting Products business unit (Cree Lighting) to IDEAL INDUSTRIES, Inc. The agreement includes the company’s LED lamps, corporate lighting solutions, and lighting fixtures aimed at industrial, consumer and commercial end-markets.

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