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Red Hat profit misses consensus by 44.6% in fiscal Q1

Red Hat Inc. said its normalized net income for the fiscal first quarter ended May 31 was 29 cents per share, compared with the S&P Capital IQ consensus estimate of 53 cents per share.

EPS climbed 18.9% year over year from 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $53.1 million, a gain of 17.4% from $45.2 million in the year-earlier period.

The normalized profit margin declined to 7.8% from 8.0% in the year-earlier period.

Total revenue rose 19.2% year over year to $676.8 million from $567.9 million, and total operating expenses grew 19.6% from the prior-year period to $589.2 million from $492.5 million.

Reported net income rose 19.6% from the prior-year period to $72.7 million, or 40 cents per share, from $60.8 million, or 33 cents per share.