Thursday, 27 December 2007

Red Hat Reports Q308 Financial Results

Open source solutions provider Red Hat has reported its financial results for its third fiscal quarter ended with a total revenue of USD 135.4 million, an increase of 28 percent from...

Open source solutions provider Red Hat has reported its financial results for its third fiscal quarter ended with a total revenue of USD 135.4 million, an increase of 28 percent from the year ago quarter and 6 percent from the prior quarter.

Subscription revenue was USD115.7 million, up 30 percent year-over-year and 6 percent sequentially.

"We are very pleased to be recognized by CIO's for the fourth consecutive year as the most valued Enterprise Software Vendor and best overall IT Vendor for the third time in four years," stated Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat.

"There is a direct correlation between our ability to deliver real business value and the loyalty of our large and growing customer base. As a result of strong market demand and solid execution from our worldwide organization, we were able to deliver another strong financial performance in the third quarter and we are optimistic about our outlook."


Other highlights of the quarter included:

• Red Hat has been named the leader in vendor value and satisfaction by the independent Ziff Davis' 2007 "CIO Insight Vendor Value" survey, which polls IT executives on the value and reliability delivered by vendors. This marks the third time in four years that the company has been ranked number one among all global IT vendors, and the fourth consecutive year Red Hat has been named the most valued enterprise software vendor. Red Hat also received a remarkable 97 percent customer loyalty rating from the CIOs polled in the survey.

• Red Hat introduced the JBoss Advanced Partner Program, that offers value-added resellers (VARs) and systems integrators (SIs) in North America the tools, resources and support to increase their share in the middleware segment. Red Hat has already teamed with over 70 JBoss-specific channel partners worldwide.