Cree 2010 Q1 financial report is good, expecting Q2 to continue to grow

Theme: Finance
Cree, the upstream LED manufacturer, announced its January-March 2010 financial report, with revenues of $234.1 million, an increase of 78% year-on-year and a 17% quarterly increase.

Looking ahead to Q2 2010, Cree expects revenue to hit another record high and is expected to rise to $2.55-2.65 billion.

Cree previously announced in October 2009 that it has hired 275 additional employees in response to expansion needs at the Durham plant in North Carolina, USA. In addition, Cree acquired a 592,000-square-foot facility in Huizhou, Guangdong Province, China, in November 2009. Overall, Cree is optimistic about the LED market development in 2010

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