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23 June 2011, 09:50

Red Hat quarterly revenue and profits increase

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Red Hat Logo American Linux distributor Red Hat has announced its earnings for the first quarter of its 2012 fiscal year, ending on 31 May 2011. In a statement, Jim Whitehurst, President and Chief Executive Officer of Red Hat, said that the latest sales figures show that "there is a fundamental shift in IT spending, in which cloud computing and virtualization have become key strategic priorities".

The company reported a total revenue of $264.7 million for the first quarter 2012 fiscal year – an increase of 27% compared to the same quarter just one year ago. Subscription revenues for the quarter totalled $225.5 million – an increase of 21% compared Q1 2011. Net income for the quarter rose from $24.1 million in Q1 last year to $32.5 million.

Red Hat's full year revenue for its last fiscal year, 2011, was $909 million, short of the $1 billion revenue some analysts had predicted. However, Whitehurst said that the company is still on its way to becoming "the first pure-play open source company to achieve a billion dollars in revenues next (2012) fiscal year".

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