- CREE expects FQ1 revenue of $440M-$465M and EPS of $0.40-$0.45, below a consensus of $469.8M and $0.46.
- FQ4 gross margin was 37.9%, +10% Q/Q and -30% bps Y/Y, and above guidance of 37.5%. That helped EPS beat estimates in spite of a revenue miss. FQ1 GM guidance is also at 37.5%.
- LED product sales (chips/components) -8% Y/Y to $199.5M, a reversal from FQ3's 3% growth. Lighting products +56% to $208.2M, better than FQ3's +35%. Power/RF products +19% to $28.6M after growing 21% in FQ3.
- LED products GM was at 45.1%, lighting products at 29.1%, and power/RF at 56.9%.
- GAAP opex +19% Y/Y to $130.5M. SG&A spend totaled $70.9M, and R&D $48.6M.
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FQ4 results, PR