Red Hat Reports 3Q, Acquires ManageIQ

Red Hat (NYSE: RHT  ) released its fiscal 3Q 2013 results in an official statement today. The company's revenue grew 18% on a year-over-year basis, to $344 million, while non-GAAP net profit was up slightly, to just under $57 million ($0.29 per diluted share).

That revenue figure beat analyst expectations of $338 million, while net income broadly matched estimates.

In a separate press release, Red Hat announced that it has acquired ManageIQ, an early-stage company that offers cloud management solutions. Red Hat will pay $104 million in cash; the buyout is subject to approval by ManageIQ shareholders.

Red Hat said the acquisition "is expected to have no material impact" on the company's revenue for the current fiscal year, but will add around $2 million to operating expenses starting in fiscal 2014.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2165204, ~/Articles/ArticleHandler.aspx, 7/29/2014 6:09:16 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement