Red Hat's CEO Tells TheStreet Why He Isn't Worried About His Firm's Sales Miss [TheStreet.com]
RED HAT (RHT)
Last red hat earnings: 3/25 04:15 pm
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Source: TheStreet.com
Red Hat ( RHT ) shares may be hurting on Thursday, but its CEO isn't worried about where the company's business stands. The open-source software giant missed revenue estimates and lowered its sales guidance, sending its shares tumbling by more than 6% on Thursday morning. But CEO Jim Whitehurst insisted in an interview with TheStreet and in the company's earnings call that some one-time events are to blame, and that his firm's competitive position hasn't changed. Results and Guidance After the bell on Wednesday, Red Hat reported August quarter (fiscal second quarter) revenue of $822.7 million (up 14% annually) and non-GAAP EPS of $0.85. EPS, which benefited from $250 million worth of stock buybacks, beat an $0.82 consensus. However, revenue fell short of an $828 million consensus. For the November quarter, Red Hat is guiding for revenue of $848 million to $856 million and EPS of $0.87, which is below a consensus of $862 million and $0.92. And while the
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