Red Hat FY Q2 Revs, Profit Edge Ests; Shrs Bounce (Updated)

Red Hat (RHT) this afternoon reported revenue for its fiscal second quarter ended August 31 of $219.8 million, with non-GAAP profits of 19 cents a share, edging Street estimates for revenue of $212 million and profits of 18 cents a share.

In late trading, RHT is up 61 cents, or 1.7%, to $37.40; the stock had dropped $1.61 in the regular session.

Update: For Q3, the company sees revenue of $226 million to $228 million, with profits of 19-20 cents a share; the Street has been expecting $216 million and 19 cents. For FY 2011, the company sees revenue of $877 million to $855 million, with profits of 76-77 cents. The Street has been projecting $855 million and 74 cents.