Cree, Inc., a market leader in LED lighting, today announced revenue of US$ 391.0 million for its first quarter of fiscal 2014, ended September 29, 2013. This represents a 24% increase compared to revenue of US$ 315.8 million reported for the first quarter of fiscal 2013, and a 4% increase compared to the fourth quarter of fiscal 2013. GAAP net income for the first quarter was $30.5 million, or US$ 0.25 per diluted share, an increase of 89% year-over-year compared to GAAP net income of US$ 16.1 million, or US$ 0.14 per diluted share, for the first quarter of fiscal 2013. On a non-GAAP basis, net income for the first quarter of fiscal 2014 was US$ 47.3 million, or US$ 0.39 per diluted share, an increase of 49% year-over-year compared to non-GAAP net income for the first quarter of fiscal 2013 of US$ 31.8 million, or US$ 0.27 per diluted share.