The company said that it will be laying off 20% of its headcount as part of its cost savings plan as it gets ready to transition the type of devices it produces.
The announcement comes after Wolfspeed said in August it is closing its production facilities in Durham.
Wolfspeed said it is still committed to building a factory in Chatham County that will employ 1,800 workers.
On Wednesday, the company reported a loss of $282.2 million in its fiscal first quarter.
The Durham-based company said it had a loss of $2.23 per share. Losses, adjusted for restructuring costs and pretax expenses, were 91 cents per share.
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The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of $1.01 per share.
The maker of energy-efficient lighting posted revenue of $194.7 million in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $200.1 million.
For the quarter ending in December, Wolfspeed expects its results to range from a loss of $1.14 per share to a loss of 89 cents per share.
The company said it expects revenue in the range of $160 million to $200 million for the fiscal second quarter.
The Associated Press contributed to this report.