Open source giant Red Hat today reported its first quarter financial performance for its 2014 fiscal year, including revenue of $363 million. Analysts had predicted that Red Hat would earn revenues of $360 million.
The company’s earnings per share was not disclosed, but analysts expected an EPS of $0.31. In regular trading, Red Hat was slightly down. In after hours, the company is up by 2%.
Red Hat highlighted its growing subscription revenue as a reason for it’s solid results. The company’s subscription revenue rose 19% year over year to $303 million in Q1 2014.
Last quarter, Red Hat missed estimates, but aside from that stumble, the company has seen steady revenue growth over the past year. Despite this fact, shareholders do not appear impressed; Red Hat’s stock price has declined this year and last, from highs of $60 per share to today’s $46.63.
Recently, Red Hat announced a $300 million stock buyback program. According to the company, the stock may be purchased either from the public market, or “in privately negotiated transactions.”
Image: Leonid Mamchenkov via Flickr
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