DURHAM – Wolfspeed, Inc. (WOLF) on Wednesday reported a loss of $70.1 million in its fiscal first quarter.

The Durham-based company said it had a loss of 60 cents per share. Losses, adjusted for non-recurring costs and stock option expense, were 21 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 24 cents per share.

“We are pleased to report a solid fiscal first quarter, our fifth consecutive quarter of revenue growth bolstered by the rapidly expanding marketplace for Silicon Carbide products. We are driving the transition to Silicon Carbide-based solutions during a period of momentous change, which is demonstrated by our expanding list of customers and formal name change,” said Wolfspeed Chief Executive Officer, Gregg Lowe. “We remain confident that the business is well positioned to realize its full potential as a pure-play global semiconductor powerhouse.”

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The maker of semiconductors and energy products posted revenue of $156.6 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $148.7 million.

For the current quarter ending in January, Wolfspeed expects its per-share earnings to range from 16 cents to 20 cents.

The company said it expects revenue in the range of $165 million to $175 million for the fiscal second quarter.

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