Open source supplier Red Hat has posted strong financial results
for the first quarter of the year, defying the downturn.
The North Carolina-based open source enterprise software company
filed its numbers for the first quarter of its fiscal 2010 today,
stashing away $18.5m (£11.35m) in net profit, up 6.9% year-on-year,
and beating Wall Street estimates comfortably.
Meanwhile, sales bounced up 11% over the same period to
$174m.
Red Hat president and CEO Jim Whitehurst praised "better than
expected" revenues during the quarter, attributing the group's
healthy performance to its subscription-based services model, which
has kept the cash flowing at a critical time.
CFO Charlie Peters pointed to future investment in key growth
areas, saying: "While we remain focused on managing discretionary
costs and improving efficiencies, we also continue to invest in
growth opportunities in middleware, virtualisation and cloud
computing."
