Red Hat’s Q3 Earnings Miss More Noise Than News (for Now); Maintain $84 FVE
Red Hat delivered third-quarter results that came up short of our expectations, as the company faced several headwinds that we generally view as temporary. Consistent with other recent software results, management cited foreign exchange headwinds as a contributor to the revenue shortfall, while the company is also seeing some delays in deal-making with the U.S. federal government in the wake of the presidential election. Moreover, CFO Frank Calderoni has announced he is leaving the firm in Janua...Red Hat is a provider of open source software solutions, using a community-powered approach to develop and provide operating system, virtualization, management, middleware, cloud, mobile and storage technologies. The company provides its software offerings primarily under annual or multi-year subscriptions as well as on-demand through its certified cloud and service providers. The company's products and services include: Infrastructure-related offerings, which consist of Red Hat Enterprise, Red Hat Satellite, and Red Hat Virtualization; and Application Development-related and Other Emerging Technology Offerings, which consist of Red Hat JBoss Middleware, and Other Emerging Technologies.
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