Red Hat has Impressive Third Quarter
Linux distributor Red Hat has recorded an impressive third quarter performance, surpassing the financial estimates made by Wall Street analysts.
The company has reported that the for Q3 it made $235.6 million in sales, an increase of 21.2 per cent since last year. Red Hat also reported a net income of more than $26 million, which is a whopping 58.5 per cent rise.
The revenue from subscription support services rose by 20.9 per cent over the last year, totalling $198.8 million. Red Hat has also generated a revenue of $36.7 million from training and other services.
According to Reuters, the company expects to post a revenue between $234 million to $236 million in the fourth quarter, $228 million more than estimated by analysts.
The company's CEO Jim Whitehurst, commenting on the company's success, said in an interview: "Strong market demand and sales execution, led to another quarter in which we drove exceptional financial results that were well above our expectations."
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