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Merry Christmas: Linux Mints Profit
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Red Hat, the Linux and free software company, has registered a 22 per cent increase in its revenue in the third quarter, despite the economic slowdown.
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Thursday, December 25, 2008:
Linux and Free Software companies are coming out stronger, even during the economic recession. One of the giants, Red Hat has announced financial results for its fiscal year 2009 third quarter ended 30 November 2008. Total revenue for the quarter was $165.3 million, an increase of 22 per cent from the year ago quarter and 1 per cent from the prior quarter. Subscription revenue for the quarter was $135.5 million, up 17 per cent year-over-year and flat sequentially.
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Net income for the quarter was $24.3 million, or $0.12 per diluted share, compared with $20.3 million, or $0.10 per diluted share, in the year ago quarter.
"Our solid financial results this quarter reflect our strong market position as the low cost, high value provider of infrastructure solutions," stated Jim Whitehurst, President and Chief Executive Officer of Red Hat. "Purchasing decisions for IT have changed dramatically for CIOs. In this budget-constrained environment, IT professionals are adopting open source and more specifically Red Hat to save money and enhance their competitiveness."
In this quarter, Red Hat announced an agreement with Fujitsu to provide new Linux support services that are designed to provide quicker response times and extended support periods for mission-critical systems through the Red Hat Advanced Mission Critical Program. The Program combines the mainframe expertise of Fujitsu with the enterprise Linux expertise of Red Hat.
The company's chairman Matthew Szulik was recently named Ernst & Young's Overall National Winner for Entrepreneur of the Year 2008 Award. The company also continued to develop its capabilities and offerings in virtualisation. Early in the quarter, Red Hat acquired Qumranet Inc. which accelerates the time to market to deliver an expanded virtualisation solutions portfolio.
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