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September 23, 2010

Red Hat Q2 revenue up 19.5% to $219.8m

Subscription revenue grew 19% year-on-year basis

By CBR Staff Writer

Red Hat, an open source software vendor, has reported revenue of $219.8m in the second quarter of fiscal 2011, an increase of 19.5% compared to $184m in the same period last year.

Subscription revenue for the quarter accounted for around 85% of the total revenue, which grew 19% to $186.2m, compared to $156.3m in the same period last year.

For the quarter ended 31 August 2010, the company posted an operating income of $34.1m, up 22% compared to $28m in the same period a year ago.

The company posted a net income of $23.7m, or $0.12 per diluted share, compared to $29m, or $0.15 per diluted share, in the same quarter last year.

Red Hat president and chief executive officer Jim Whitehurst said that the company continued to benefit from new project spending, expansion and cross selling of their product offerings and strong renewals in their top accounts.

"Our sales execution in the quarter resulted in organic revenue growth of 20% and the best billings growth rate in two years, and we introduced our Cloud Foundations portfolio in an effort to help our customers take advantage of the benefits from cloud computing in an open and cost effective way," Whitehurst said.

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