Red Hat's earnings grow 34.9% in fiscal Q1

- Thursday, June 23, 2011

Red Hat's earnings grow 34.9% in fiscal Q1

US Linux operating systems provider Red Hat (NYSE: RHT) posted a US$32.5mn net profit for its fiscal 1Q12, ended May 31, up 34.9% from US$24.1mn in the year-ago period, the company said in a statement.

The figure represents a slight decrease from the US$33.5mn in net profits posted during fiscal 4Q11.

Total revenue for 1Q12 was US$265mn, an increase of 27% from the year-ago quarter. Of the total, subscription revenue was US$225mn, up 26% year-over-year.

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"We believe there is a fundamental shift in IT spending, in which cloud computing and virtualization have become key strategic priorities. We believe that Red Hat is well positioned to capitalize on this growing demand," said Red Hat president and CEO Jim Whitehurst.

Red Hat's net profits for fiscal 2011 increased 23% to US$107mn, while sales grew 21% to US$773mn.

Follow this link to see the full financial results.