Open source software daddy Red Hat continues to leave proprietary rivals in the shade after topping its expectations for its fiscal first quarter.
The New York-listed vendor saw revenue for its fiscal first quarter to 31 May power up 27 per cent year on year to $265m (£166m) as net profits rose from $24.1m to $32.5m.
First-quarter deferred revenue also rose by 26 per cent to $786m with operating cash flow growing 49 per cent to $90m.
The quarter saw Red Hat debut several new technologies, including its new OpenShift PaaS and CloudForms IaaS offerings and chief executive Jim Whitehurst said the the move to cloud would play into the vendor's hands.
“Red Hat has begun fiscal year 2012 with a strong first quarter including year-over-year billings growth of 28 per cent that contributed to revenue and profitability that exceeded the high end of our expectations," he said.
“We believe there is a fundamental shift in IT spending, in which cloud computing and virtualisation have become key strategic priorities. We believe that Red Hat is well positioned to capitalise on this growing demand as enterprise customers look to Red Hat when upgrading and modernising their IT infrastructure.”
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