Red Hat Revenue Soars on Subscription Model

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http://www.maximumpc.com – Red Hat, the enterprise open-source software vendor, announced financial results for its fiscal year 2010 third quarter on Tuesday, noting an 18 percent jump from the same quarter one year ago. Total revenue for the quarter was $194.3 million, with $164.4 million of that coming from subscriptions. That's a 21 percent year-over-year increase, Red Hat said. "Continued solid execution drove another quarter of strong results for Red Hat. Our double digit growth in the current economic environment was driven by our compelling value proposition and outstanding service," stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. Red Hat's net income for the quarter was $16.4 million, or $0.08 per diluted share, compared to $24.3 million, or $0.12 per diluted share in the same quarter one year ago. Image Credit: Red Hat (General)