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Red Hat easily tops Q1 earnings, revenue expectations

Red Hat CFO Charlie Peters touted in the report that these results were on the "high-end" of Red Hat's previous guidance range.

Red Hat published solid fiscal first quarter financial results after the bell on Thursday.

The open source software company reported a net income of $48 million, or 26 cents per share (statement).

Non-GAAP earnings were 44 cents per share on a revenue of $481 million, up 14 percent year-over-year.

Subscription revenue during the quarter also grew 14 percent year-over-year to $425 million.

Wall Street was looking for earnings of 41 cents per share with $472.59 million in revenue.

Red Hat CFO Charlie Peters touted in the report that these results were on the "high-end" of Red Hat's previous guidance range.

CEO Jim Whitehurst followed up by attributing the better-than-expected results to high demand for "open, hybrid cloud technologies across four footprints: bare metal, virtualization, private cloud and public cloud deployments."

Whitehurst also credited "strong constant currency revenue growth of over 20 percent," making Red Hat one of the only (if not the only) publicly-traded tech companies having anything positive to say about current currency fluctuations as a result of a higher U.S. dollar.

For the current quarter, Wall Street is looking for non-GAAP earnings of 45 cents per share with $493.20 million in revenue.