Red Hat Shatters Earnings Expectations In Latest Quarter
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Red Hat appears to be doing well this year. Got to love those server sales…
Red Hat gave investors an early present Wednesday, handily topping last quarter’s earnings views on torrid sales of its
Linux software.For the quarter ended Nov. 30, the Linux seller earned 12 cents a share, 33% over analysts’ views and double the year-ago figure. Sales grew 44% to $73.1 million, 3% over estimates.
Red Hat (NasdaqNM:RHAT - News) shares, which rose 3% Wednesday to 26.56, jumped an additional 4% in after-hours trading.
As the No. 1 seller of Linux software, Red Hat has become a choice supplier among technology buyers, says Matthew Szulik, the company’s chief executive. “Customers are narrowing their lists of approved vendors, which magnifies the success of category leaders,” he said in a conference call. [Read the rest]