Cree posted its 1st quarter earnings yesterday, and while its profits dropped by more than half, it still beat Wall Street’s expectations. From MSN Money Central, here’s a quick breakdown of the stats:

• Net Income: dropped to $5.0 million, or 7 cents per share. A year ago, the company made 15 cents per share.  However, if you factor out amortization expenses and expenses incurred by the company for stock-based compensation, the company would have earned