RealTime IT News

Red Hat Grows 3Q13 Revenue by 18 Percent

Red Hat reported third quarter fiscal 2013 revenues last week, with revenues rising 18 percent year-over-year to $344 million. Net income was reported at $34.8 million, or $0.18 per share.

Red Hat is growing its business in no small part thanks to a loyal customer base.

"I'm pleased to report that all of our top 25 deals that were up for renewal this quarter not only renewed but did sell with a value of well over 120 percent of the original value," Red Hat CEO Jim Whitehurst said during his company's earnings call. "These results are a great endorsement of our customers for our reliable, open source solutions that enable ROI and investment in the data center."

Red Hat CFO Charlie Peters noted that the company's top 30 deals are spread across multiple global industry verticals. He added that all of the top 30 deals during the third quarter exceeded $1 million, including five deals that were in excess of $5 million and one that was over $10 million.

Read the full story at ServerWatch:
Red Hat Grows Top Deals as Private Cloud Management Enters Batting Practice

Sean Michael Kerner is a senior editor at InternetNews.com, the news service of the IT Business Edge Network, the network for technology professionals Follow him on Twitter @TechJournalist.