Historically, Cree has operated in
volatile markets, as has been clear over the past couple of years. In 2012, a surplus in the LED market, a consequent decline in prices and downward pressure on margins were the key trends that plagued the LED industry. Though Cree ( CREE ), a leading innovator of LEDs, closed its FY (ending June) 2012 with an 18% increase in revenue, it registered a 70% decline in net income on account of higher R&D spending to support new product development, increasing price competition and an industry shift in product mix toward lower margin fixtures.
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