Cree -10%; Q1 results below expectations

• Cree (CREE) reports 13% Y/Y and 4% Q/Q combined revenue ($371M) declines, net income of $15M compared to $21M Q/Q, income from continuing operations of $9M compared to $15M Y/Y, and income from discontinued operations, net of tax, of $6M compared to $7M Y/Y.
• Projections: Q2 combined revenue of $360M-$380M, combined net income of $13M-$19M, EPS of $0.13-$0.19.
• Conference call
• Press release