Even as the economy has stayed in the doldrums, Red Hat continues to post strong quarterly financial results. Late Wednesday, the company reported first quarter revenues of $174.4 million, up 11 percent from $156.6 million a year earlier. Profits were also up, with quarterly earnings of $18.5 million, or 10 cents a share, up from a profit of $17.3 million, or 8 cents a share, for the same quarter last year.
Red Hat?s growth is driven in part by our ability to help enterprise customers save money in a challenging IT spending environment, said CEO Jim Whitehurst. Our open source solutions drive new capabilities, efficiencies and functionality into the mission critical infrastructure of our customers.? Red Hat's total cash, cash equivalents and investments as of May 31, 2009 sat at a whopping $884.5 million, which is more evidence of the investment savvy that Whitehurst and Red Hat's top brass have.
