Cree, Inc., a lighting and power frequency manufacturer, reported first quarter revenue of $242.8 million in a statement after-market Wednesday, beating the average analyst estimate of $239.5 million.

The fiscal 2020 first quarter revenue decreased 11 percent year-over-year, despite reporting nearly two percent above the estimate.

The company reported an adjusted quarterly loss per diluted share of 3 cents, beating the average analyst estimate of a loss of 5 cents per share according to Bloomberg data.

Expenses exceeded the company’s target by $1 million, and free cash flow was reported at a negative $63 million.

“The transformation of Cree continued during the quarter and we delivered results that met or exceeded the upper end of our ranges,” CEO Gregg Lowe said in a statement Wednesday.

The company set target revenue between $234 million and $240 million for the second quarter. Cree set an adjusted loss per share target of between 7 and 11 cents for the same period.

Cree was founded in 1987 and is headquartered in Durham. It is known for transforming silicon into silicon carbide to power semiconductor products.

Shares of the company were trading at $48.18 Thursday, up 6 cents.