Red Hat Inc (NYSE:RHT) reported upbeat results for its first quarter on Thursday.
The Raleigh, North Carolina-based Red Hat, which prides itself on being the world's leading provider of open source solutions, reported that first-quarter total revenue of $934 million, up 15% year-over-year in U.S. dollars, or 18% in constant currency
Thursday’s news release also pointed to first-quarter Application Development-related and other emerging technology subscription revenue of $235 million, which rocketed 24% year-over-year in U.S. dollars, or 29% in constant currency
First-quarter training and services revenue of $119 million, up 17% year-over-year in U.S. dollars, or 22% in constant currency
First-quarter GAAP operating cash flow was $460 million, up 33% year-over-year
Said CEO Jim Whitehurst, "We continue to unlock the potential of developers and enterprises, enabling our customers to succeed in building next generation IT infrastructure and applications.
"Customer interest in Red Hat technologies is robust, evidenced by a record attendance of nearly 9,000 attendees at Red Hat Summit, our marquee user event. At the event, we announced the general availability of Red Hat Enterprise Linux 8 and OpenShift 4, building on our track record of delivering innovation that creates business value for our customers.
"Customer excitement was evident at the event and further reflected in the quarter, where we added more than 90 new OpenShift customers."
GAAP net income for the quarter was $141 million, or $0.76 diluted earnings per share, compared with GAAP net income of $113 million, or $0.59 diluted earnings per share, in the year-ago quarter.
Shares dipped 15 cents to $188.10
Related Stories
