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Red Hat profit misses consensus by 45.1% in fiscal Q2

Red Hat Inc. said its normalized net income for the fiscal second quarter ended Aug. 31 came to 24 cents per share, compared with the S&P Capital IQ consensus estimate of 44 cents per share.

EPS increased 12.1% year over year from 22 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $45.2 million, an increase of 9.8% from $41.2 million in the year-earlier period.

The normalized profit margin fell to 9.0% from 9.2% in the year-earlier period.

Total revenue grew 13.1% on an annual basis to $504.1 million from $445.9 million, and total operating expenses grew 12.1% from the prior-year period to $427.7 million from $381.7 million.

Reported net income rose 9.6% from the prior-year period to $52.3 million, or 28 cents per share, from $47.7 million, or 25 cents per share.