Cree

(CREE) - Get Report

reported fiscal second-quarter earnings that slightly beat Wall Street's expectations, which the company attributed to its focus on expanding market penetration through new product offerings -- a notable achievement in a time when many semiconductor-related companies are talking about order delays and spending slowdowns.

The semiconductor parts and electronics devices maker said it earned 18 cents for the quarter, up from 8 cents in the year-ago period. Seven analysts polled by

First Call/Thomson Financial

were expecting earnings of 17 cents for the quarter.

Cree said revenue totaled $41.5 million, up from $24.8 million last year.

Shares of Cree, which is based in Durham, N.C., gained $3.50, or 11.1%, to $34.94 in regular session

Nasdaq

trading, but dipped to $32.63 in recent after-hours

Island

activity.