Subscriber love drives Red Hat in Q3
Red Hat has impressed once again, posting a 44 per cent surge in revenue during the third quarter. The software maker's results mark the second stellar quarter in a row.
Red Hat's revenue hit $73.1m in the period, which compares to $50.9m in the same period last year. Net income surged as well to $23.2m - a 114 per cent rise year-over-year. During the quarter, Red Hat benefited from a 54 per cent jump in subscription revenue to $60.2m.
"Our third quarter results reflect return on investments in people and infrastructure made in prior periods," stated Charlie Peters, executive vice president and chief financial officer of Red Hat. "Solid growth across key metrics indicates not only strength in the demand for our solutions but also continuing improvements in the day-to-day operations of our business."
Investors appeared pleased with Red Hat's performance, sending shares higher three per cent during regular trading and then adding close to five per cent again in the after-hours market, following the release of the third quarter results. At the time of this report, Red Hat hit $27.86 in after-hours trading - above a 52-week high of $26.50.
In September, Red Hat's shares surged as well after it reported banner second quarter figures. Red Hat has now grown revenue by more than 40 per cent two quarters in a row.
Red Hat has yet to provide a forecast for the fourth quarter.
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