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Red Hat's Earnings Soar

Red Hat's earnings more than doubled in the company's fiscal fourth quarter, and enterprise subscriptions nearly doubled too.

Red Hat earned $11.8 million in the quarter, or six cents a share, up from $4.8 million, or three cents a share, in the year ago quarter. The company's earnings were in line with Wall Street's expectations, and revenues of $57.5 million beat $56 million estimates. Subscription revenues of $45.4 million were up 92% and topped $44.8 million forecasts.

"We are very pleased with the strong momentum of the Linux marketplace, and our business in particular," CFO Charlie Peters said in a statement. "Based on publicly available information, we believe our enterprise subscription revenue run rate is more than six times that of the number two Linux provider."

Despite the good news, Red Hat shares slipped 2% after hours, as traders may have been looking for more upside from the company.

Stocks slipped Thursday on rising oil prices and jitters ahead of Friday's monthly jobs report. The Nasdaq finished its worst quarter in four years, off 8% since the start of the year.

The Nasdaq slipped 6 to 1999, the S&P 500 gave back 1 to 1180, and the Dow fell 37 to 10,503. Volume rose to 2.2 billion shares on the NYSE, and 1.83 billion on the Nasdaq. Advancers led 20-12 on the NYSE, and decliners led by a few issues on the Nasdaq. Upside volume was 54% on the NYSE, and 40% on the Nasdaq. New highs-new lows were 45-40 on the NYSE, and 49-96 on the Nasdaq.

MCI rose after Qwest made yet another offer for the company.

Bookham soared 97% on a deal with Nortel .

Western Digital jumped 14% after the company raised guidance.

UTStarcom and Veritas fell on news of delayed SEC filings.

Ebix fell 21% on a big drop in earnings.