Nothing like a Street beat to lift investor hopes and give a stock a lift.

Cree on Tuesday beat Wall Street expectations on revenues and earnings, sending its stock up nearly 6 percent in after-hours trading Tuesday. Shares had closed at $27.41 just before the earnings announcement.

Meanwhile, the Durham LED giant also says it’s moving closer to selling off its Wolfspeed power technology business.

“We delivered very good results in fiscal Q2, as revenue and non-GAAP earnings were significantly above our targeted range due to the settlement of our patent infringement and false advertising lawsuit with Feit Electric,” said Cree chair and CEO Chuck Swoboda.

“The fundamentals in our business have improved over the last several quarters, and we remain focused on building a larger and more valuable LED lighting company by bringing better light to our customers.”

Cree beat revenue estimates by nearly $22 million at $347 million in all.

Earnings of 20 cents per share were double estimates.

Looking ahead, Cree forecast quarterly revenues of between $340 million and $370 million.

Cree (Nasdaq: CREE) also said progress continues toward the sale of its Wolfspeed business to Infineon in a deal worth some $850 million.