Red Hat reports revenues of $363 million for the first quarter

The leading Open Source company, and the sponsor of Fedora Linux, Red Hat has posted the total revenue of $363 million for the first quarter of 2013. It’s an increase of 15% in U.S. dollars from the year ago quarter. Subscription revenue for the quarter was $316 million, up 16% in U.S.

“The first quarter was a solid start to Fiscal 2014, with both revenue and profitability coming in above the high-end of our guidance. We delivered mid-teens revenue growth driven by customer demand for innovative open source technologies based on a high-value subscription model,” stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. “In Q1, we continued to execute against our strategy of significantly expanding our addressable market in the new cloud-centric data center.”

Net income for the quarter was $40 million, or $0.21 per diluted share, compared with $37 million, or $0.19 per diluted share, in the year ago quarter.  After adjusting for stock compensation, amortization expenses and certain facility exit costs, as detailed in the tables below, non-GAAP net income for the quarter was $62 million, or $0.32 per diluted share, as compared to $58 million, or $0.30 per diluted share, in the year ago quarter.

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