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March 28, 2013

Red Hat revenue rises 17% during Q4 2013

17% rise in the revenue to $1.33bn for the fiscal year

By CBR Staff Writer

Open source software firm Red Hat has reported 17% rise in revenue during the fourth quarter of 2013 to $348m while during full year its revenue rose 17% to $1.33bn.

Net income of the company for the quarter increased to $43m, or $0.22 per diluted share, compared to $35m, or $0.18 per diluted share it reported in the same quarter previous year, while net income for the full year rose to $150m or $0.77 per diluted share against $147m or $0.75 per diluted share in the prior year.

Subscription revenue for the quarter increased 19% to $303m for the quarter, while for the full year it recorded a 19% growth to $1.15bn.

Red Hat president and CEO Jim Whitehurst said, "New customer additions coupled with renewing and up-selling our existing customer base enabled us to exceed the billion dollar milestone in both subscription revenue and deferred revenues for the first time."

The company has registered a GAAP operating income of $50m and $201m for the quarter and the full fiscal year respectively.

Red Hat executive vice president and CFO Charlie Peters said that the company invested aggressively in new product areas such as storage, cloud computing, management and big data through new internal initiatives and three acquisitions in the second half of the fiscal year.

"These investments enhance our strategic position in the data centre and increase our addressable market," Peters said.

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