DURHAM, N.C. (AP) — DURHAM, N.C. (AP) — Wolfspeed, Inc. (WOLF) on Monday reported a loss of $402.7 million in its fiscal first quarter.

The Durham, North Carolina-based company said it had a loss of $3.22 per share. Losses, adjusted to account for discontinued operations and pretax expenses, came to 53 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 68 cents per share.

The maker of energy-efficient lighting posted revenue of $197.4 million in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $202.2 million.

For the current quarter ending in December, Wolfspeed expects its results to range from a loss of 70 cents per share to a loss of 56 cents per share.

The company said it expects revenue in the range of $192 million to $222 million for the fiscal second quarter.

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