Red Hat Announces Third Quarter Results for Fiscal Year 2017

by Tech Mainstream Staff

January 4, 2017

Red Hat Third Quarter Results for Fiscal Year 2017

(Tech Mainstream) Red Hat, Inc. (NYSE: RHT) considered "the world's leading provider of open source solutions" announced its financial report for fiscal year 2017 ending November 30, 2016. The most pertinent results are listed below:

*Third quarter total revenue of $615 million, up 18% year-over-year or 17% in constant currency

*Third quarter total subscription revenue of $543 million, up 19% year-over-year or 18% in constant currency. Subscription revenue in the quarter was 88% of total revenue.

*Third quarter Application development-related and other emerging technology revenue of $112 million, up 33% year-over-year or 32% in constant currency

Red Hat revenue change reflects it's increasing role where "enterprise and service provider customers continue to adopt a hybrid cloud strategy for developing, deploying and managing the life-cycle of their critical applications."