Cloud Computing: Red Hat Shares Hit 52-Week High on Earnings – What Wall Street’s Saying

Grazed from TheStreet.  Author:  Laurie Kulikowski.

Shares of Red Hat (RHT) , an open-source software company, surged on Friday after earnings for its latest fiscal quarter topped analysts’ estimates.  The Raleigh, N.C.-based company reported third-quarter GAAP net income of $48 million, or 26 cents a share, compared with $52 million, or 27 cents a share, in the year-earlier quarter.

Adjusted earnings per share of 42 cents came in higher than analysts’ expectations of 40 cents. Revenue jumped 15% to $456 million.  "Our strong Q3 results marked the eleventh straight quarter of mid-to-high teens revenue growth as we continued to reinforce and expand our strategic relationship with our customers," Red Hat CEO Jim Whitehurst said in the company’s earnings release…

"Cloud computing and big data trends are driving increased demand for open-source technologies. We believe our leadership position in the open-source industry and broad portfolio of Open Hybrid Cloud technologies creates a strong position for Red Hat to capture market share in the cloud-enabled data center."…

Read more from the source @ http://www.thestreet.com/story/12991808/1/red-hat-shares-hit-52-week-high-on-earnings-what-wall-streets-saying.html