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Red Hat profit misses consensus by 50.9% in fiscal Q1

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Red Hat profit misses consensus by 50.9% in fiscal Q1

Red Hat Inc. said its normalized net income for the fiscal first quarter ended May 31 came to 25 cents per share, compared with the S&P Capital IQ consensus estimate of 50 cents per share.

EPS climbed 8.0% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $45.2 million, an increase of 6.8% from $42.3 million in the year-earlier period.

The normalized profit margin declined to 8.0% from 8.8% in the year-earlier period.

Total revenue rose 18.1% year over year to $567.9 million from $481.0 million, and total operating expenses climbed 20.1% on an annual basis to $492.5 million from $410.1 million.

Reported net income grew 25.6% year over year to $60.8 million, or 33 cents per share, from $48.4 million, or 26 cents per share.