Red Hat Second-Quarter Profit, Sales Exceed Analyst Estimates
Company raises forecast for third quarter and full year
Shares jump as much as 7 percent in trading after the report
Red Hat Inc. reported fiscal second-quarter profit and sales that exceeded analysts’ estimates, buoyed by growth in its infrastructure and application-development products. The software maker also boosted forecasts. The shares rose as much as 7.1 percent in extended trading.
- Second-quarter profit, excluding some costs, was 55 cents a share, beating the 54-cent average estimate of analysts polled by Bloomberg.
- Sales in the period that ended Aug. 31 rose to $599.8 million, Red Hat said Wednesday in a statement, compared with the $589.8 million average analyst estimate.
- The company said profit for the third quarter will be 58 cents on sales of as much as $623 million. Analysts had expected profit of 57 cents and sales of $611.4 million.
- For the full year, profit will be $2.23 to $2.25 a share, up from a previous top-end forecast for $2.23 a share and an average estimate of $2.21. Sales will be $2.42 billion to $2.44 billion, compared with a previous forecast of as much as $2.42 billion and the average analyst projection of $2.40 billion.