Red Hat revenues up 21 per cent

Red Hat

Revenues rose at an impressive rate for open source experts Red Hat in the last three months.

The company reported its third quarter results today, showing revenues of $235.6 million (152.4 million), up by 21 per cent from the same period last year.

It also claimed operating income had short up by 92 per cent from last year, rising from $19.8 million to $38 million. However, in the third quarter of 2009, the company had to pay out $8.8 million for a litigation settlement.

The final figure of $71 million for operating cash flow secured a successful results call for the company.

"Top line growth of 21 per cent and even faster operating income growth, contributed to a 31 per cent increase in operating cash flow," said Charlie Peters, executive vice president and chief financial officer (CFO) of Red Hat.

"We are well positioned at the confluence of several hot areas of IT: open source, virtualisation and cloud computing we are executing consistently and we are making focused investments in growth initiatives." Earlier this year, IT PRO spoke to the European manager of Red Hat. Take a look at our video interview with Werner Knoblich here: part one and part two.

Jennifer Scott

Jennifer Scott is a former freelance journalist and currently political reporter for Sky News. She has a varied writing history, having started her career at Dennis Publishing, working in various roles across its business technology titles, including ITPro. Jennifer has specialised in a number of areas over the years and has produced a wealth of content for ITPro, focusing largely on data storage, networking, cloud computing, and telecommunications.

Most recently Jennifer has turned her skills to the political sphere and broadcast journalism, where she has worked for the BBC as a political reporter, before moving to Sky News.