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Red Hat profit misses consensus by 32.9% in fiscal Q2

Red Hat Inc. said its normalized net income for the fiscal second quarter ended Aug. 31 amounted to 45 cents per share, compared with the S&P Capital IQ consensus estimate of 67 cents per share.

EPS increased 66.3% year over year from 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $82.4 million, a gain of 66.0% from $49.6 million in the year-earlier period.

The normalized profit margin increased to 11.4% from 8.3% in the year-earlier period.

Total revenue climbed 20.6% on an annual basis to $723.4 million from $599.8 million, and total operating expenses increased 13.7% year over year to $588.8 million from $517.9 million.

Reported net income grew 65.3% year over year to $97.0 million, or 53 cents per share, from $58.7 million, or 32 cents per share.