Red Hat Falls After Billings Miss Estimates, Analyst Says
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Red Hat Inc., the largest seller of the open-source Linux operating system, fell the most in six months after reporting first-quarter billings that missed some analysts’ estimates.
The shares of Raleigh, North Carolina-based Red Hat declined 6.2 percent to $53 at the close in New York, the steepest drop since Dec. 20. The company also gave a second-quarter revenue forecast that trailed the average of estimates compiled by Bloomberg.