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September 26, 2012

Red Hat reports 15% rise in Q2 revenue

Net income for the quarter fell to $35m, or $0.18 per diluted share

By CBR Staff Writer

Open source software firm Red Hat has reported 15% rise in revenue during the second quarter of 2013 to $322.6m, compared to $281.32m it recorded during the corresponding quarter last year.

Net income for the quarter fell to $35m, or $0.18 per diluted share, compared to $40m, or $0.20 per diluted share, in the same quarter previous year.

Subscription revenue for the quarter increased 17% to $278.8m for the quarter, while training and services revenue grew 2% to $43.8m.

Red Hat president and CEO Jim Whitehurst said, "Our double-digit growth was driven by demand for Red Hat’s open source technologies that are key to creating innovation, scale and flexibility in our customers’ data centers and their businesses."

GAAP operating income for the quarter was $50m, down 5% year-over-year.

Red Hat executive vice president and CFO Charlie Peters said that this quarter marked a significant increase in investments in the company’s nascent storage business, with the launch in late June of Red Hat Storage Server 2.0.

"Furthermore, we announced two small technology acquisitions in the middleware space to further round out our offerings, which decreased the quarter’s EPS by approximately $0.01 per share due to one-time closing costs," Peters said.

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Earlier this year, Red Hat had passed the $1bn barrier, becoming the first open source firm to do so.

The company which is the largest distributor of Linux operating software, expects full-year revenue of $1.32bn to $1.33bn, up from its previous forecast of $1.34bn.

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