From Wire Reports and Staff

RESEARCH TRIANGLE PARK, N.C. – Cree Inc. (NASDAQ:CREE) reported net income above Wall Street’s expectations for their first quarter of 2013.

Net income for Cree Inc. rose to $16.1 million (14 cents per share) vs. $12.8 million (11 cents per share) in the same quarter a year earlier. This marks a rise of 25.8 percent from the year-earlier quarter.

Cree’s revenue also rose 17.4 percent to $315.8 million from the year-earlier quarter.

Cree beat analysts’ estimates of 13 cents per share as well as in average revenue of $300.8 million. The company has beaten estimates for two quarters in a row.

The company reported a profit increase last quarter, breaking a four-quarter stretch of year-over-year profit losses.

The average estimate for the company’s second quarter is steady at 21 cents a share. The average estimate hasn’t changed from 58 cents per share for the fiscal year.

Cree develops and manufactures semiconductor materials and devices mainly based on silicon carbide, gallium nitride, and related compounds.