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Red Hat (RHT) Profits Rise, Announce $300 Million Stock Buyback

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Red Hat RHT Profits Rise, Announce $300 Million Stock Buyback

Red Hat, Inc. (NYSE: RHT) announced on Wednesday that its fiscal 4th quarter net income was up to $23.4 million, or 12 cents per share, from $16.2 million, or 8 cents per share, a year earlier.

On an adjusted basis, Red Hat's earnings were 19 cents per share.

Red Hat also reported that its 4th quarter revenue climbed 18% to $195.9 million.

According to a FactSet Research poll of analysts, the average Wall Street expectation for Red Hat was 16 cents earnings per share, on revenue of $193.3 million.

The open-source business software maker also announced a $300 million stock repurchase program that replaces the previous $250 million buyback program, which ended this month.

 

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Posted-In: FactSet Research Red HatEarnings News Buybacks Markets Tech