Yesterday (16), CREE disclosed its first quarter results for the 2019 fiscal year ended September 23, 2018. Revenue in the first quarter of fiscal year 2019 was $408 million (about 2.819 billion yuan), up 13% from $360 million in the first quarter of fiscal year 2018.
According to the General Accounting Standards (GAAP), a net loss of $11 million (or $0.11 per diluted share) was recorded in the first quarter of fiscal year 2019, while a net loss of $20 million (or $0.20 per diluted share) was recorded in the first quarter of fiscal year 2019. Net income in the first quarter of fiscal year 2019 was $22 million (or $0.22 per diluted share), compared with $4 million (or $0.04 per diluted share) in the first quarter of fiscal year 2018.
Cree Chief Executive Gregg Lowe said, "The fiscal year 2009 has a good start, with non-GAAP earnings per share exceeding our target range for the first quarter, thanks to strong Wolfspeed growth and improved gross interest rates for LED products and lighting." Business is facing resistance in view of tariffs and Global trade tensions. The earnings report is a perfect result. Although these resistance may last for some time, we remain optimistic that by implementing our strategic plan, we have the opportunity to increase shareholder value in the long run.
Cree plans to achieve revenue targets of $398 million to $418 million in the second quarter of fiscal year 2009 (as of December 30, 2018). According to the United States General Accounting Standards (GAAP), the net loss target is $5 million to $10 million, or diluted loss of $0.05 to $0.10 per share. According to non-GAAP, the net income target is $15 million to $19 million, or diluted earnings per share of $0.15 to $0.19. Neither the United States General Accounting Standards (GAAP) nor the non-United States General Accounting Standards (non-GAAP) objectives include any projected change in the fair value of Cree's investment in Lunda.
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