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Red Hat profit misses consensus by 48.6% in fiscal Q2

Red Hat Inc. said its normalized net income for the fiscal second quarter ended Aug. 31 came to 28 cents per share, compared with the S&P Capital IQ consensus estimate of 54 cents per share.

EPS increased 14.3% year over year from 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $50.8 million, an increase of 12.2% from $45.2 million in the year-earlier period.

The normalized profit margin dropped to 8.3% from 9.0% in the year-earlier period.

Total revenue rose 19.0% year over year to $599.8 million from $504.1 million, and total operating expenses increased 20.7% year over year to $516.1 million from $427.7 million.

Reported net income rose 12.2% from the prior-year period to $58.7 million, or 32 cents per share, from $52.3 million, or 28 cents per share.