Red Hat Sees Q3 Profit Fall 9.1 Percent, Plans Acquisition
Red Hat Inc.’s fiscal third-quarter earnings fell 9.1 percent amid higher compensation expenses and other items masking continued revenue growth. The software company also said it agreed to acquire privately held ManageIQ for $104 million.
Shares rose 5.9 percent to $55.70 in after-hours trading as adjusted earnings were at the high end of expectations and revenue topped estimates. Through the close, the stock is up 27 percent this year.