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Red Hat shares rise after earnings beat

Source: Red Hat

Red Hat shares rose nearly 4 percent on Thursday after it reported earnings that beat expectations and raised its guidance.

After the close Wednesday, the cloud infrastructure company reported earnings per share of 55 cents on revenue of $600 million, beating estimates of 54 cents and $590 million, respectively.

The Linux software developer also raised its full-year guidance given increased demand for software and cloud services.