Red Hat Profit, Revenue Beats 1Q Targets
June 20 2019 - 5:15PM
Dow Jones News
By Michael Tobin
Red Hat Inc. (RHT) said its first-quarter profit rose from a
year earlier as it looks ahead to International Business Machines
Corp. (IBM) completing a takeover of the company.
The open-source software company said Thursday its profit was
$141.1 million, or 76 cents a share, in the quarter ended May 31,
compared with $113.2 million, or 59 cents a share, a year earlier.
Excluding costs like stock-based compensation and those connected
with business combinations, Red Hat's profit was $1 a share.
Red Hat recorded $934.1 million in first-quarter revenue,
compared with $813.5 million in revenue the same time last
year.
Analysts polled by FactSet estimated adjusted earnings of 87
cents a share on $931.6 million in revenue.
The company saw a boost in subscription revenue, increasing to
$814 million compared with $712 million at this time last year.
The company said it wouldn't provide guidance for the rest of
the current fiscal year because of its planned merger with IBM.
IBM said in October that it would acquire Red Hat in a $34
billion deal. U.S. regulators have approved the transaction, and
Reuters has reported that EU regulators plan to come to a decision
by June 27.
Write to Michael Tobin at michael.tobin@wsj.com
(END) Dow Jones Newswires
June 20, 2019 17:00 ET (21:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Red Hat (NYSE:RHT)
Historical Stock Chart
From Nov 2024 to Dec 2024
Red Hat (NYSE:RHT)
Historical Stock Chart
From Dec 2023 to Dec 2024
