Cree Inc has increased its revenue target for fiscal third-quarter 2013 (to end-March) from $325-345m (forecast at the end of January) to $335-350m. This compares with $346.3m reported for fiscal Q2 last quarter.

Excluding stock-based compensation expense of about $2.4m, non-GAAP gross margin is still targeted to rise slightly from 39.2% last quarter to 39.5%. However, rather than remaining similar to last quarter, operating expenses should be about $2m higher than previously announced, due to higher R&D and marketing costs to support the launch of Cree’s new LED light bulb products (unveiled today).

Despite this, the non-GAAP net income target has been raised from $35-41m ($0.30-0.35 per diluted share) to $36-42m ($0.31-0.36 per diluted share, excluding expenses related to the amortization of acquired intangibles and stock-based compensation expense of $0.15 per diluted share). This compares with $36.9m ($0.32 per diluted share) in fiscal Q2 last quarter.