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Red Hat (NYSE: RHT) rose sharply in after-hours trading after the company beat Wall Street's fiscal first-quarter earnings expectations.

The open-source software maker's adjusted earnings rose 3.2 percent to $64 million, or 34 cents a share. from $62 million, or 32 cents a share in the year ago period.

Analysts on average expected 33 cents a share.

Revenue grew 17 percent to $424 million, including an 18 percent gain in subscription revenue to $372 million.

"As evidence of this demand and Red Hat's strong market position, we closed a record number of first quarter deals of a million dollars or more," Chief Executive Jim Whitehurst said in a statement.

Net income including stock compensation, amortization and other items was $38 million, or 20 cents a share, compared with $40 million, 21 per cents a share a year earlier.

Posted-In: Jim WhitehurstEarnings News After-Hours Center

 

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