Red Hat profits continue to defy recession

Open Source software supplier Red Hat has reported strong results despite the recession.

Open Source software supplier Red Hat has reported strong results despite the recession.

Over the three months to the end of August, Red Hat made net profits of $28.9m (£17.8m), up 36.9% year-on-year, while sales also ticked up a healthy 12%, hitting $183.6m.

The supplier revealed it had also made a move to buy back $47m shares of common stock.

President and CEO Jim Whitehurst said he had seen no let-up in sales of high-value solutions to enterprise customers, contributing better than expected revenues during the second quarter.

"We continue to be optimistic about Red Hat's future and believe the company is well positioned when the economic and IT spending environment improves," he added.

A version of this story originally appeared on MicroScope.

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