Red Hat Earnings: Here’s Why Investors Like These Results
Red Hat, Inc. (NYSE:RHT) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.12%.
Red Hat, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 6.67% to $0.32 in the quarter versus EPS of $0.30 in the year-earlier quarter.
Revenue: Rose 15.42% to $363.25 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Red Hat, Inc. reported adjusted EPS income of $0.32 per share. By that measure, the company beat the mean analyst estimate of $0.31. It beat the average revenue estimate of $359.77 million.
Quoting Management: “The first quarter was a solid start to Fiscal 2014, with both revenue and profitability coming in above the high-end of our guidance. We delivered mid-teens revenue growth driven by customer demand for innovative open source technologies based on a high-value subscription model,” stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. “In Q1, we continued to execute against our strategy of significantly expanding our addressable market in the new cloud-centric data center.”
Key Stats (on next page)…