Red Hat shares fall 7% as forecast disappoints
6/21/12 9:42 AM ET (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Red Hat Inc. shares fell $4.08, or more than 7% to $52.53 Thursday as investors reacted negatively to the open-source software company's business outlook. Late Wednesday, Red Hat said that for its fiscal second-quarter it expects to earn 28 cents to 29 cents a share on between $320 million and $322 million in revenue. Analysts surveyed by FactSet Research had previously forecast Red Hat to earn 29 cents a share on $331 million in revenue for the quarter.