Red Hat has released its positive financial results for the second quarter of its 2013 fiscal year ended 31 August.
Total revenue for the quarter was $322.6 million, an increase of 15% from the year ago quarter. Subscription revenue for the quarter was $278.8 million, up 17% year-over-year.
"Our double-digit growth was driven by demand for Red Hat’s open source technologies that are key to creating innovation, scale and flexibility in our customers’ data centers and their businesses," said Jim Whitehurst, president and CEO, Red Hat.
Net income for the quarter was $35.0 million ($0.18 per diluted share) compared with $40.0 million ($0.20 per diluted share) in the year ago quarter.
Operating cash flow was $103.9 million for the second quarter, as compared to $77.1 million in the year ago quarter. At quarter end, the company’s total deferred revenue balance was $944.4 million, an increase of 16% on a year-over-year basis.
Total cash, cash equivalents and investments as of 31 August were $1.36 billion.
"On a constant currency basis, subscription revenue grew 22% year-over-year while total revenue grew 20%," said Charlie Peters, Executive VP and CFO, Red Hat. "This quarter marked a significant ramp-up in investments in our nascent storage business, with the launch in late June of Red Hat Storage Server 2.0. Furthermore, we announced two small technology acquisitions in the middleware space to further round out our offerings, which decreased the quarter’s EPS by approximately $0.01 per share due to one-time closing costs."
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