Red Hat sees growth in Q3 2011
Company reports total revenue for the quarter at $290m, 23% increase year-over-year
Open source solutions provider Red Hat has released its financial results for its fiscal year 2012 third quarter ended 30th November, 2011 and has revealed a 23% increase in revenue year-over-year to $290 million.
Subscription revenue for the quarter was $246.5 million, up 24% 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 organisations. 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 chief executive officer of Red Hat. "We also recently completed the acquisition and integration of Gluster, including the launch of our first Red Hat branded storage product for unstructured data. We will continue to expand our storage solutions in cloud computing and big data storage, and believe that Red Hat is well positioned to deliver disruptive solutions in the large and growing storage market."
According to Red Hat, its GAAP operating income for the third quarter was $53.6m, or 18.5% operating margin, non-GAAP operating income for the third quarter was $78.8m, up 36% year-over-year.
Net income for the quarter was $38.2m, compared with $26m in the year ago quarter.
"We continued to deliver consistent performance across our business which resulted in strong growth in our key financial metrics. At the same time, we continued to invest in strategic growth initiatives." stated Charlie Peters, executive vice president and chief financial officer of Red Hat. "When compared to the first three quarters of last fiscal year, our year-to-date revenue, non-GAAP operating income and operating cash flow are up 26%, 35% and 35%, respectively."