Red Hat Announces Third Quarter Results for Fiscal Year 2017
by Tech Mainstream
January 4, 2017
Red Hat, Inc. (NYSE: RHT), considered "the world's leading provider of open source solutions," recently 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."