Saturday, July 12, 2014

Red Hat's 1Q net up on higher subscription revenue

June 19. 2013 5:40PM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) Red Hat Inc., the company behind the Linux open-source operating system, said Wednesday that net income in its fiscal first-quarter grew 8 percent as subscription revenue increased.

Shares added $2.78, or 6 percent, to $49 in after-hours trading. Red Hat's stock has dropped 13 percent in 2013 and closed down 41 cents at $46.22 Wednesday.

The Raleigh, N.C. company earned $40.4 million, or 21 cents per share, for the period that ended May 31. That is compared with $37.5 million, or 19 cents per share, earned in the same quarter last year.

Excluding costs for paying employees in stock and other one-time items, per-share earnings rose to 32 cents from 30 cents.

Red Hat's sales increased 15 percent to $363.3 from $314.7 million as subscription revenue grew 16 percent.

Analysts polled by FactSet, on average, were anticipating earnings of 31 cents per share with revenue of $359.7 million.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds