Red Hat Rises on ManageIQ Deal as Sales Beat Estimates

Red Hat Inc. (RHT), the largest seller of Linux operating system software, rose in late trading after reporting third-quarter sales that exceeded analysts’ estimates and saying it plans to buy cloud software company ManageIQ Inc.

Red Hat rose 4.5 percent after the company yesterday reported sales of $343.6 million in the period that ended Nov. 30. Analysts had on average projected sales of $338.1 million, according to data compiled by Bloomberg. Excluding certain items, profit was 29 cents a share, meeting the average projection compiled by Bloomberg.

As companies step up purchases of servers and databases to store and analyze information flowing through corporate systems, they’re relying on Red Hat to provide the services needed to keep its version of free Linux software updated. Subscription sales rose 19 percent, Red Hat said.

Read Full Article from Bloomberg

- Posted: 2012-12-21 16:43:40

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