Red Hat revenue up 21% to $723 million in Q2 fiscal

Red Hat for business technologyRed Hat announced financial results for the second quarter of fiscal year 2018 ended August 31, 2017.

Red Hat revenue rose 21 percent to $723 million. Red Hat subscription revenue grew 20 percent to $638 million. Subscription revenue of Red Hat was 88 percent of total revenue.

“Demand for our technologies that enable hybrid cloud computing has contributed to accelerated revenue growth in the first half of the fiscal year. In the second quarter, we delivered total revenue growth of 21 percent, fueled by over 40 percent growth in our Application Development-related and other emerging technology revenue,” said Jim Whitehurst, president and CEO of Red Hat.

Red Hat said subscription revenue from infrastructure-related offerings rose 14 percent to $487. Subscription revenue from Application Development-related and other emerging technology offerings grew 44 percent to $150 million.

Operating income of Red Hat increased 64 percent to $135 million. Red Hat posted net income of $97 million, or $0.53 per diluted share, compared with $59 million, or $0.32 per diluted share, in the year-ago quarter.

Red Hat said revenue is expected to be approximately $2.880 billion to $2.895 billion with operating margin of 15.9 percent for the full year.

Red Hat is expecting revenue of $730 million to $737 million with operating margin of 15.2 percent for the third quarter.

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