Red Hat, Inc. (NYSE:RHT) moved down after profit in the second- quarter failed to meet analysts’ forecasts and the corporation pared sales estimates on weak demand for services.
Red Hat, the biggest seller of the open-source Linux operating system, reported that profit in the three months period finished Aug. 31 was 28 cents per share without few items, below the 29-cent median forecasts gathered by Bloomberg. The corporation reported in a statement that sales were $322.6 million, evaluated against the $321.7 million analysts forecasted.
The company reported on a conference call that profit would be in the range of 28 cents to 29 cents per share on sales of $336 million to $339 million during the Q3.
Red Hat narrowed its revenue estimates to $1.32 billion to $1.33 billion for the fiscal year, from the $1.32 billion to $1.34 billion anticipation the corporation offered in June.
Shifting reader’s focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Oracle Corporation (NASDAQ:ORCL) fell -2.87% to settle at $31.30, Microsoft Corporation (NASDAQ:MSFT) moved down -14.27% to end at $30.39 while CA, Inc. (NASDAQ:CA) plunged -1.66% to finish at $26.06 on Tuesday.
Red Hat, Inc.’s (NYSE:RHT) last session’s volume of 5.05 million shares was higher than its average volume of 1.95 million shares. The stock after opening at $55.08 hit high price of $57.06 and then closed at $55.08 by scoring -4.28%.
RHT generated revenue of $1.18 billion in the previous twelve months and earned $151.64 million. The Company showed a positive 12.82% in the net profit margin as well as in its operating margin which remained at 17.37%. Company’s annual sales growth for the past five years was 23.11%.
The RHT’s past twelve months’ price to sales ratio was 8.99 and price to cash ratio remained 12.98. As far as the returns are concerned, the RHT return on equity was recorded as 11.04% and return on investment increased 9.36% while its return on asset stayed at 6.41%.
The stock showed weekly downbeat performance of -3.72% which was maintained for the month at -4.66%. Likewise the positive performance for the quarter was recorded as 0.84% and for the year was 26.65% while the YTD performance remained at 33.40%.
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