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Shares of power and radio frequency semiconductor specialist Cree (NASDAQ: CREE) are crashing today, down by 13.7% as of 12:45 p.m. EDT, despite the fact that the company exceeded expectations in its fiscal Q3 2021 earnings report last night.
Analysts had forecast that Cree would lose $0.23 per share on sales of $130.2 million in the third quarter. In fact, the company's loss was a bit less than feared -- $0.22 per share -- and its $137.3 million in revenue was a bit more than expected.