Cree Inc., a market leader in LED lighting, saw its stock price rise as much as 7.8 percent on Wednesday after it reported a second-quarter net income that beat analyst expectations on Tuesday.

The Durham-based company reported net income of 6 cents per share, down from net income of $13 million, or 13 cents per share in the same quarter a year ago. Earnings, adjusted for one-time gains and costs, were 20 cents per share.

The results beat analyst expectations, with the average estimate for earnings by three analysts surveyed by Zacks Investment Research at 16 cents per share.

“The fundamentals in our business have improved over the last several quarters, and we remain focused on building a larger and more valuable LED lighting company by bringing better light to our customers,” said Chief Executive Officer Chuck Swoboda in a statement.

Cree posted revenue of $347 million in the period, beating analyst expectations of $325 million.

The company also provided earnings guidance for the rest of the year, stating it expects earnings between 1 cent per share and 9 cents per share in the fourth fiscal quarter.

Cree’s shares opened Wednesday at $28.71, up $1.30, or 4.5 percent compared to Tuesday’s closing price. It was trading at $29.09. up 6.1 percent, as of 2 p.m.

The filing can be found here.