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Red Hat fiscal Q3 profit falls 7% YOY

Red Hat Inc. said its net income for the third quarter ended Nov. 30 totaled $94.5 million, a decrease of 7.0% from $101.6 million in the prior-year period. EPS came to 51 cents, a decrease of 7.3% from 55 cents in the year-earlier period.

Total revenue increased 13.2% on an annual basis to $846.8 million from $748.0 million, and total operating expense rose 18.6% year over year to $613.7 million from $517.5 million.

In the nine months ended Nov. 30, the company's net income totaled $1.57 per share, an increase from $1.49 per share in the prior-year period. Net income was $294.5 million, a gain from $274.0 million in the prior-year period.

Red Hat said it will not update its outlook for fiscal 2019 due to the company's pending acquisition by International Business Machines Corp. for $34 billion.