Red Hat increases revenue by 19 per cent
The US-based Linux distributor Red Hat has announced its financial results for the first quarter, which ended on 31 May, of its 2013 fiscal year. The company's total revenues rose from $264.7 million to $314.7 million, an increase of 19% compared to the same time last year. Revenues from software subscriptions rose by 21% to $272.6 million, while net income went up 15% to $37.5 million.
Despite the increase, Red Hat's share price dropped by nearly ten per cent in after-hours trading on the New York Stock Exchange to just over $51. Although the open source specialist's profits of 30 cents per share exceeded analyst expectations, according to Bloomberg, investors were disappointed by the company's billings figure, which, at $310 million, was 9 million short of average analyst estimates.
- Red Hat Reports First Quarter Results, press release from Red Hat.
- Red Hat's billion dollar milestone, a feature from The H.
- Red Hat revenues exceed a billion dollars, a report from The H.