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Red Hat profit misses consensus by 42.3% in fiscal Q2

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Red Hat profit misses consensus by 42.3% in fiscal Q2

Red Hat Inc. said its normalized net income for the fiscal second quarter ended Aug. 31 came to 22 cents per share, compared with the S&P Capital IQ consensus estimate of 38 cents per share.

EPS increased 11.0% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $41.8 million, an increase of 10.6% from $37.8 million in the year-earlier period.

The normalized profit margin dropped to 9.2% from 10.1% in the year-earlier period.

Total revenue grew 19.1% year over year to $445.9 million from $374.4 million, and total operating expenses climbed 20.2% from the prior-year period to $380.8 million from $316.7 million.

Reported net income rose 18.6% from the prior-year period to $47.7 million, or 25 cents per share, from $40.2 million, or 21 cents per share.