U.S. Markets open in 8 hrs 31 mins

Red Hat Reports Q1 Earnings Beat

Tanzeel Akhtar

Red Hat (NYSE: RHT) on Thursday afternoon reported adjusted quarterly earnings of $1 per share, which beat the analyst consensus estimate of 86 cents. This is a 38.89% increase over earnings of 72 cents per share from the same period last year.

The company reported quarterly sales of $934 million, which beat the analyst consensus estimate of $931.59 million. This is a 14.81% increase over sales of $813.53 million the same period last year.

"Our large deal momentum remained strong, as we doubled the number of deals over $5 million and saw 15% growth in the number of deals over $1 million from the year-ago quarter," said Eric Shander, Executive Vice President and CFO. "Many of these deals contained emerging technologies, including an OpenStack deal for over $5 million and our largest ever storage and hyperconverged deal for over $15 million. The breadth of our success demonstrates that customers can realize significant value across our product portfolio."

View more earnings on RHT

Red Hat shares closed Thursday's session at $188.25.

Related Links:

5 Stocks To Watch For June 21, 2019

CarMax Shares Trade Higher After Positive Q1 Earnings

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.