Red Hat Revenues Up 18 Percent in Q3
Red Hat reported financial results for its fiscal year 2010 third quarter, showing revenues up 18 percent.Red Hat reported financial results for its fiscal year 2010 third quarter, showing revenues up 18 percent. For its third quarter ended November 30, 2009, Red Hat reported revenues of $194.3 million, up 18 percent over the same period a year ago and beating expectations. Meanwhile, the open source software company reported that subscription revenue for the quarter was $164.4 million, up 21 percent from last year.
"Continued solid execution drove another quarter of strong results for Red Hat. Our double digit growth in the current economic environment was driven by our compelling value proposition and outstanding service," said Jim Whitehurst, president and CEO of Red Hat, in a statement. "Our customer focus has clearly differentiated us from the competition. Red Hat was recently ranked as number one among software vendors by IT executives for the fifth time in six years in the Ziff Davis CIO Insight Study, with the highest marks for reliability and value. We also continued to introduce new products, including the November release of RHEV [the Red Hat Enterprise Virtualization management solution] that advances our position in server virtualization and cloud computing. RHEV provides customers the choice of a high-value, low cost, open management solution that was not previously available in the $2 billion virtualization market."