UPDATE: Red Hat Posts Downbeat Q2 Profit

Red Hat

reported a weaker-than-expected second-quarter adjusted profit. Red Hat now projects full-year revenue of $1.32 billion to $1.33 billion. The company had previously expected revenue of up to $$1.34 billion. However, analysts were estimating revenue of $1.33 billion. Red Hat's quarterly net income declined to $35 million, or $0.18 per share, versus $40 million, or $0.20 per share, in the year-ago period. Excluding items, it earned $0.28 per share. Red Hat's revenue surged 15% to $322.6 million. However, analysts were expecting earnings of $0.29 per share on revenue of $322.1 million. Its subscription revenue climbed 17% to $278.8 million. Red Hat shares dropped 2.85% to $55.90 in the after-hours trading session.