Cree, Inc. (NASDAQ: CREE) recently reported its first-quarter results for fiscal year 2018, which ended on September 24, 2017. The company recorded total revenues of $360 million, driven by three main business segments: LED products, Wolfspeed, and lighting solutions. This performance aligns with the company’s revenue expectations for the quarter.
Within the LED segment, which includes LED chips and devices, Cree generated $144.52 million in revenue during the first quarter of FY18. This marks a 5% increase compared to the $137.49 million in revenue from the same period in FY2017, reflecting steady growth in this core business area.
The Wolfspeed division, which focuses on power and RF devices, delivered strong results as well. Operating income for Wolfspeed reached $66.15 million in the first quarter of FY18, a significant 33% rise from the $49.90 million recorded in the same quarter of the previous fiscal year. This growth highlights the continued momentum in the semiconductor and power electronics markets.
In addition, the company's lighting products segment also contributed to the overall revenue. While specific figures for this segment were not disclosed, the positive trend across all divisions underscores Cree’s diversified business model and its ability to adapt to market demands.
Gregg Lowe, who recently took over as CEO of Cree, shared his vision for the company. “Cree has always been a leader in innovation,†he said. “Over the years, we’ve continuously pushed boundaries and developed groundbreaking technologies. I’m excited to be part of this team and lead the company into the future. There are plenty of opportunities ahead, but we also face challenges that require smart strategies and teamwork. I look forward to working closely with our talented employees to seize these opportunities and overcome any obstacles along the way.â€
As Cree continues to evolve, its focus on innovation and operational efficiency remains central to its long-term success. With a strong financial foundation and a clear leadership direction, the company is well-positioned to navigate the dynamic landscape of the technology and semiconductor industries.
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