Red Hat Earnings: RHT Stock Unmoved After Topping Q3 Earnings Guidance

Red Hat earnings (NYSE:RHT) were unveiled late in the day on Monday, which were stronger than the figures that Wall Street was calling for in its consensus estimate, but the company’s stock was relatively unmoved after the bell despite this fact.

Red Hat earningsThe Raleigh, North Carolina-based software company said that for its third quarter of its fiscal 2018, it brought in net income of $94.5 million, which tallied up to roughly 51 cents on a per-share basis. On an adjusted basis when considering one-time gains and costs, the company’s earnings reached 96 cents per share.

These figures were stronger than the 87 cents per share that the Wall Street consensus was calling for, according to a survey of 14 analysts who were polled by Zacks Investment Research who examined Red Hat’s situation.

The open-source software products and services provider added that its revenue for the period reached $846.8 million, which was below what analysts were calling for in their guidance. Red Hat was slated to bring in sales of $853.6 million, according to the data of 12 analysts who were surveyed by Zacks.

RHT stock was at the break-even point after hours on Monday after the company announced that it had brought in earnings that were stronger than what Wall Street projected in its consensus estimate. The company’s shares had been on the decline during regular trading hours, falling about 0.3% ahead of its results.

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