Reuters: Global Markets: Red Hat billings below expectations, shares fall

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Red Hat billings below expectations, shares fall Jun 20th 2012, 21:11 Wed Jun 20, 2012 5:11pm EDT (Reuters) - Red Hat Inc (RHT.N), the world's largest distributor of Linux operating software, reported first-quarter results that topped estimates but shares fell as billings came in below expectations. Shares of the company fell 10 percent to $50.14 in after-market trade on Wednesday. They closed at $56.50 on the Nasdaq. Mizuho Securities analyst Abhey Lamba said Red Hat missed analysts' forecast for billings, the sum of revenue and the change in deferred revenue. The company had billings of $310 million in the first quarter, compared with the Wall Street view of $319 million, Lamba told Reuters. Net income for the first quarter was $37.5 million, or 19 cents per share, compared with $32.5 million or 17 cents per share, a year earlier. Revenue rose 19 percent to $314.7 million. (Reporting by Chandni Doulatramani in Bangalore; Editing by Saumyadeb Chakrabarty)

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