Red Hat’s Profit Improves on Cloud Computing Trends
December 18, 2014
Grazed from WSJ. Author: Josh Bekerman.
Red Hat Inc. said Thursday its results for the November quarter improved thanks to cloud computing and big data trends that have increased demand for its open-source technology. Red Hat shares rose 9% to $67 in recent after-hours trading.
The open-source software provider, which has reported robust revenue increases lately, is known for its enterprise Linux OpenStack platform, but has also posted solid growth for its so-called middleware offerings and has expanded its storage technology business…
For the quarter ended Nov. 30, Red Hat reported a profit of $47.9 million, or 26 cents a share, down from $52 million, or 27 cents a share, a year earlier. Revenue rose 15% to $455.9 million. Excluding stock-based compensation in both periods, one-time items related to convertible notes and hedges, and other items, the profit was 42 cents a share in both periods…
Read more from the source @ http://www.wsj.com/articles/red-hats-profit-improves-on-cloud-computing-trends-1418939390