Home Open Source Red Hat on track to hit US$2b+ revenue for third year running

Red Hat is on track to record a third year of US$2 billion-plus revenue, with results for the second quarter of fiscal 2018 showing the company had raked in US$723 million, an increase of 21% on the corresponding quarter a year ago.

The company, the biggest provider of open source solutions globally, said that at this stage revenue for the full-year 2018 was projected at between US$2.880 billion and US$2.895 billion.

The company recorded net profit of US$97 million, compared to US$59 million for the second quarter of the previous fiscal year.

“Strong demand for our technologies that enable hybrid cloud computing has contributed to accelerated revenue growth in the first half of the fiscal year," said Jim Whitehurst, president and chief executive of Red Hat.

"In the second quarter, we delivered total revenue growth of 21%, fuelled by over 40% growth in our application development-related and other emerging technology revenue.

"IT organisations continued to turn to Red Hat as a strategic technology partner to help them transform and modernise their applications and infrastructure for the hybrid cloud."

Eric Shander, executive vice-president and chief financial officer, said: "Strong execution and global demand for Red Hat technologies continued to drive financial results which exceeded expectations for the second quarter and the first half of fiscal year 2018.

"For the first half of fiscal 2018, Red Hat delivered a powerful combination of 20% total revenue growth, 41% GAAP operating income growth, 26% non-GAAP operating income growth, and 22% operating cash flow growth. Given our first half results and ongoing momentum, we are increasing our outlook for the full year."

Red Hat first crossed the US$2 billion revenue mark for fiscal 2016 and repeated the achievement in fiscal 2017.

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Sam Varghese has been writing for iTWire since 2006, a year after the sitecame into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

 

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