Is Cree Performing well Under New Ownership.

Written by Justnvx

March 25, 2023

Since the acquisition of Cree’s LED business by Smart Global Holdings in March 2021, the company has been operating under the name Wolfspeed and has been performing well under its new ownership.

One of the key drivers of Wolfspeed’s growth has been its focus on innovation. The company has continued to introduce new products and technologies that cater to emerging markets and customers’ changing needs. Its recent introduction of silicon carbide (SiC) MOSFETs, which offer superior performance and reliability, has been well-received by customers in the electric vehicle and renewable energy industries.

In addition to innovation, Wolfspeed’s expansion into new markets has also contributed to its growth. The company has been expanding its presence in Asia, where there is growing demand for advanced LED technologies. This expansion has enabled the company to tap into new customers and markets and drive its revenue growth.

Financially, Wolfspeed has been performing well under Smart Global Holdings’ ownership. In its most recent quarterly earnings report, the company reported revenue of $158.5 million, up by 16% compared to the same period in the previous year. The company’s net income was also up significantly, with a net loss of $2.3 million compared to a net loss of $18.3 million in the previous year.

According to Eric Virey, Senior Market & Technology Analyst at Yole Développement, “Wolfspeed’s strong financial performance is a testament to the company’s ability to execute on its growth strategy. The company’s focus on innovation and expansion into new markets has been driving its growth and will likely continue to do so in the future.”

The demand for advanced LED technologies continues to increase, and Wolfspeed’s focus on innovation and expansion should help it maintain its competitive edge and drive further growth. The company’s strong financial performance under Smart Global Holdings’ ownership indicates that the acquisition has been a smart move that has positioned Wolfspeed well for growth in the LED industry.

In conclusion, since the acquisition by Smart Global Holdings, Wolfspeed has demonstrated its ability to innovate and expand into new markets, while delivering strong financial results. With the demand for advanced LED technologies on the rise, Wolfspeed is well-positioned to drive further growth and maintain its competitive edge in the industry.

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