Linux distributor Red Hat has recorded an impressive third quarter performance, surpassing the financial estimates made by Wall Street analysts.
The company has reported that the for Q3 it made $235.6 million in sales, an increase of 21.2 per cent since last year. Red Hat also reported a net income of more than $26 million, which is a whopping 58.5 per cent rise.
The revenue from subscription support services rose by 20.9 per cent over the last year, totalling $198.8 million. Red Hat has also generated a revenue of $36.7 million from training and other services.
According to Reuters, the company expects to post a revenue between $234 million to $236 million in the fourth quarter, $228 million more than estimated by analysts.
The company's CEO Jim Whitehurst, commenting on the company’s success, said in an interview: "Strong market demand and sales execution...led to another quarter in which we drove exceptional financial results that were well above our expectations."