Buoyed by strong subscription revenue, open source software company Red Hat reported on Monday strong net income and revenue gains for the third quarter of its fiscal year 2012.
For the quarter, which ended Nov. 30, Red Hat reaped $38.2 million in net income, or 19 cents per diluted share, an increase of 46 percent from the same quarter a year ago, the company reported Monday.
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Red Hat's revenue grew to $290 million, a 23 percent increase from a year ago. Of this revenue, $246.5 million came from software subscriptions, a 24 percent increase from the previous year, the company reported. Most of the remaining revenue came from the company's training services.
In this time period, the company benefitted from both strong demand from enterprise customers as well as gains in market share, said Jim Whitehurst, Red Hat president and CEO, in a statement. Red Hat also closed its acquisition of open source storage software company Gluster during the quarter.
Taking into account factors such as stock compensation and amortization expenses, Red Hat reported non-GAAP net income of $55.7 million, or $0.28 per diluted share, as compared to $39.1 million, or 20 cents per diluted share, in the same quarter a year ago.