Red Hat meets estimates, reports substantial revenue gains
June 17 (Reuters) - Red Hat Inc. (NASDAQ:RHAT) which offers updates and support services for the Linux operating system, on Tuesday flipped to a quarterly profit from a year-earlier loss on a healthy jump in revenue, cost cutting and more subscribers.
Red Hat, which posted its first-ever profit two quarters ago, returned to a profit of $1.5 million, or 1 cent per share, for the first quarter ended May 31.
The results were in line with analysts' forecasts of a per-share profit of 1 cent. A year earlier, it lost $4.6 million, or 3 cents per share,
Linux is a variant of the widely used Unix software for networked computers that can be copied and modified freely, making it an attractive platform for companies seeking to cut technology costs.
Red Hat, based in Raleigh, North Carolina, said that revenue rose rose 39 percent to $27.1 million from $19.5 million a year earlier. |
