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Red Hat shares drop 13% after revenue miss

Red Hat signage is displayed outside of the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images
Red Hat signage is displayed outside of the New York Stock Exchange.

Shares of Red Hat fell Thursday after the tech company reported disappointing revenue.

The maker of the Linux computer operating system also announced that Frank Calderoni will step down from his position as chief financial officer, effective late January 2017, to accept the position of chief executive officer at another company.

Red Hat posted third quarter revenue of $615 million, missing expectations of $618 million, according to analysts polled by Thomson Reuters. The company also said total deferred revenue — or advance payments for products and services to be delivered in the future — rose 15 percent to $1.7 billion at the end of the third quarter.

Adjusted quarterly earnings per share of 61 cents did beat estimates of 58 cents a share.

Red Hat shares two-day performance

Source: FactSet

Shares of Red Hat were 13 percent lower in Thursday afternoon trade, and down 17 percent for 2016.

Programming note: Red Hat CEO James Whitehurst is scheduled to appear on CNBC's "Mad Money" at 6 p.m., ET, Thursday.