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Red Hat profit misses consensus by 45.3% in fiscal Q1

Red Hat Inc. said its normalized net income for the fiscal first quarter ended May 31 was 18 cents per share, compared with the S&P Capital IQ consensus estimate of 33 cents per share.

EPS declined year over year from 19 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $34.5 million, a decline from $36.1 million in the year-earlier period.

The normalized profit margin declined to 7.8% from 9.9% in the year-earlier period.

Total revenue climbed 16.7% year over year to $423.8 million from $363.3 million, and total operating expenses increased 20.9% from the prior-year period to $370.8 million from $306.6 million.

Reported net income declined 5.5% year over year to $38.3 million, or 20 cents per share, from $40.5 million, or 21 cents per share.