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Red Hat Continues Winning Streak

The Open Source Technology Solutions Provider announced fourth-quarter financial results

Red Hat Session at Cloud Expo

Red Hat came out with financial results for its fiscal fourth quarter ended February 28, 2010 and reported a net income of $23.39 million, or $0.12 per diluted share, compared to $16 million or $0.08 per diluted share for the same quarter of fiscal 2009. For the fourth quarter of fiscal 2010, total revenue was $196 million, compared to $166.22 million for the corresponding quarter of fiscal 2009.For the full year, total revenue was $748.2 million, an increase of 15% over the prior year, and subscription revenue was $638.7 million, up 18% year-over-year.

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"With double digit revenue growth and record billings, our fourth quarter capped off a year of solid performance, moving us closer to our milestone revenue goal of a billion dollars," said Jim Whitehurst, President and Chief Executive Officer of Red Hat. "As we look forward, we believe that we are well positioned at the confluence of several major technology trends in the data center, including cloud computing, virtualization and middleware. Red Hat's products directly address these trends and deliver innovative, cost-saving solutions to our customers that we expect will continue to drive our growth."

The Raleigh company added over 350 employees throughout the year mainly in areas of engineering and sales. It managed to tighten its budget in certain areas and continued to selectively invest  in others as a strategy to combat the tough economic conditions .According to Charlie Peters, Executive Vice President and Chief Financial Officer, Red Hat " invested in sales training, systems and new equipment while holding the line on travel and other discretionary costs "

Red Hat has had several significant market wins lately. Non profit Symbian Foundation which develops the completely open source Symbian mobile platform announced earlier this month that it has adopted Red Hat Enterprise Linux for its private, cloud-based developer website and server. Last Week, IBM said that it was incorporating the Red Hat Enterprise Virtualization for its new Smart Business Development & Test service on IBM Cloud.

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