Red Hat's earnings grow 46.9% in fiscal Q3

- Tuesday, December 20, 2011

Red Hat's earnings grow 46.9% in fiscal Q3

US Linux operating systems provider Red Hat (NYSE: RHT) posted a US$38.2mn net profit for its fiscal third quarter, ended November 30, up 46.9% from US$26.0mn in the year-ago period, the company said in a statement.

Total revenue was US$290mn, an increase of 23.1% from the year-ago quarter. Of the total, subscription revenue was US$247mn, up 23.9% year-over-year.

"Red Hat continues to benefit from enterprise customers that are seeking to leverage their IT infrastructure to drive significant productivity gains and agility across their organizations. The combination of strong sales execution, market demand and market share gains contributed to organic billings and revenue growth of 23% for the quarter," said Jim Whitehurst, president and CEO of Red Hat.

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The company also recently completed the acquisition and integration of US open source storage solutions provider Gluster - for some US$136mn in cash in October - which allowed the launch of the first Red Hat-branded storage solution for unstructured data.

"We will continue to expand our storage solutions in cloud computing and big data storage," Whitehurst added.

Follow this link to see the full financial results.