Durham-based lighting manufacturer Cree Inc. stock prices continue to fall in response to the company’s fourth-quarter loss announced Tuesday evening.

Cree shares closed Tuesday at $23.o4 and opened Wednesday morning at $21.36, falling nearly 8 percent in after hours trading.

The lighting company reported a loss of $6 million, or 6 cents a share, compared to a loss of $11 million, or 11 cents a share in the fourth quarter a year ago. The company was expected to earn 10 cents a share

Revenue for the fourth quarter was down 8 percent from last year, falling from $388 million to $359 million. Likewise, revenue for the 2017 fiscal year was down 9 percent from last year falling from $1.6 billion to $1.5 billion.

“We made progress in Q4, with good results in each business and non-GAAP earnings per share that were in the middle of our target range,” stated Chief Executive Officer Chuck Swoboda in a statement.

“We built a solid foundation for growth in all three businesses over the last year. In the near term, we will have some incremental spending to expand capacity and are excited about the opportunity for Cree to grow revenue and profits in the year ahead.”

Shares of Cree are currently trading at$22.06, down 4.2 percent in Wednesday afternoon trading.

The earnings release can be found here.