Red Hat’s financial result for the third quarter of fiscal year 2016 is the fourth consecutive quarter of growth and is due to their new push into hybrid cloud.
Commenting on the results Jim Whitehurst, President and Chief Executive Officer of Red Hat said. "During the third quarter, we strengthened our leadership position in the open hybrid cloud by introducing new technologies and launching a strategic partnership with Microsoft and its Azure Cloud. Our initiatives are focused on enabling our customers to build, deploy and manage their applications across multiple environments and infrastructures."
Red Hat has now had four consecutive quarters of total revenue growth of 20% or higher and has seen income growth of 18% for the fiscal year 2016. Total revenue for the quarter was $524 million, up 15%, with subscription revenue making up the lions share (87%) at $457 million.
Of the subscription revenue Infrastructure-related offerings, were the largest part with quarterly revenues of $373 million, an increase of 12%, and application development-related and other emerging technologies revenues maned up the other $84 million, an increase of 37%.
GAAP net income for the quarter was $47 million, slightly down on last years’ 3rd quarter which hit $48 million with revenue for the fourth quarter expected to increase slightly from $535 million to $539 million.