Red Hat Grows Revenues in 1Q14
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Linux vendor Red Hat announced its first quarter fiscal 2014 earning results late Wednesday, showing continued growth across multiple fronts, including the . While Red Hat is now all in on OpenStack as a cloud platform, CEO Jim Whitehurst cautioned financial analysts that it is still early days.
For the quarter, Red Hat reported revenue of $363 million, which is a 15 percent year over year gain. Net Income was reported at $40 million or $0.21 per share which is a marginal increase over the $37 million reported a year ago. Moving forward, Red Hat provided second quarter fiscal 2014 guidance for revenue in the range of $370 million to $373 million.
During Red Hat's earnings call, CFO Charlie Peters revealed details of where the company is making its money. One of the key metrics is its top 30 deals roster, which grew in the first quarter to a record of 28 deals of $1 million or greater. Two of the top 30 deals were in excess of $5 million. Peters said that within the top 30 roster the hosting/cloud provider vertical was strongly represented.