Red Hat Falls After Q1 Earnings Results

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Red Hat (NYSE: RHT) released its fiscal first-quarter earnings results after the closing bell on Wednesday. The company reported adjusted net income of 58 million or $0.30 per share, on revenues of $315 million. This compared to Wall Street analysts' consensus EPS estimates of $0.27 on revenue of $310.77 million. "Our first quarter results represented a strong start to our fiscal 2013. Red Hat's compelling value proposition and innovative, open source technologies continued to drive our financial success and market share gains," President and CEO Jim Whitehurst said in the press release. Despite beating Wall Street earnings and revenue projections, RHT shares have fallen nearly 12% in the after hours to below $50.00. The company's billings came up light of expectations. Analysts had been modelling $319 million in total bookings for the quarter, which was above the $310 million that Red Hat reported.

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