Cree, Inc., a market-leading innovator of lighting-class LEDs, LED lighting retrofit solutions, and semiconductor solutions for backlighting, wireless and power applications, today announced revenue of $125.0 million for its fiscal third quarter ended March 30, 2008. This represents a 5% increase compared to the fiscal second quarter of 2008 and a 38% increase compared to revenue of $90.3 million reported for the third fiscal quarter last year.

Shares of Cree fell in after-hours trading Tuesday after the company released fiscal third quarter earnings and a fourth quarter outlook that failed to meet analysts projections. Durham-based Cree (Nadsaq: CREE), which sells products for light-emitting diodes, or LEDs, said net income was $5.7 million, or 6 cents a share, in the quarter.

Most of us are familiar with light-emitting diodes, or LEDs, if for no other reason than that we might have worn a way-cool LED watch back in the 1970s. Well, LEDs have come a long way since then; these days, they represent the next generation of lighting technology that has the likes of General Electric (NYSE: GE) and Philips scrambling to scoop up LED manufacturers.

It's reported that the total revenues of Taiwan LED makers listed on the Taiwan Stock Exchange (TSE) reached NT$5.7 billion (US$177 million) in January, up 1.8% from NT$5.6 billion last December. Downstream packaging makers saw their total revenues reach NT$3.36 billion, up 3% sequentially, while LED chip makers totaled revenues of NT$2.34 billion, up 0.1% sequentially.