Red Hat sales pop 22% yoy in latest quarter

Red Hat posted sales of $748 million for its fiscal quarter ended November 30, 2017, up 22% year-over-year, or 20% measured in constant currency. Subscription revenue for the quarter was $657 million, up 21% year-over-year, and now constituting 88% of total revenue.

Subscription revenue from Infrastructure-related offerings for the quarter was $495 million, an increase of 15% year-over-year
Subscription revenue from Application Development-related and other emerging technology offerings for the quarter was $162 million, an increase of 44%year-over-year

"We again delivered over 20% year-over-year growth in both subscription revenue and total revenue due to strong customer demand for hybrid cloud technologies, including our core technologies, container platforms, and solutions that enable and manage multiple clouds and private cloud environments," stated Jim Whitehurst, President and Chief Executive Officer of Red Hat.

GAAP operating income for the quarter was $118 million, up 47% year-over-year. Non-GAAP operating income for the third quarter was $179 million, up 25% year-over-year. For the third quarter, GAAP operating margin was 15.8% and the non-GAAP operating margin was 23.9%.

GAAP net income for the quarter was $101 million, or $0.54 per diluted share, compared with $68 million, or $0.37 per diluted share, in the year-ago quarter.