Shares of Red Hat increased as much as 5% in after-hours trading. The shares of the company soared after it posted strong quarterly results, which beat past Wall Street's expectations.
About 2,971,552 shares were traded during trading session, marking 130% from the earlier session's volume.
Red Hat reported $0.43 EPS for the quarter and with this, it beat the Thomson Reuters consensus estimate of $0.41 by $0.02. The company had generated revenue of $464.00 million for the quarter, compared to the consensus prediction of $456.80 million. It posted $0.39 earnings per share during the same quarter in the previous year.
Red Hat CEO and President Jim Whitehurst said that the company strategy and its movement towards open hybrid cloud technologies led to strong results.
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