Red Hat Shares Jump on Strong Quarter, Buyback Plan

Red Hat Inc.’s fiscal fourth-quarter income improved 7.3 percent as the software provider continued to see stronger demand boost margins and revenue.

Shares rose 7.6 percent after hours to $55.30 as earnings and revenue beat estimates and the company unveiled a $300 million buyback program. The stock reached its 10-year high on Tuesday at $54.01, and as of Wednesday’s close was up 24 percent so far in 2012.

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