Red Hat announces revenues of $814M, up 20%, $1B buyback

Red Hat reported revenue of $814 million for the first quarter of its fiscal year 2019 ended May 31, 2018, up 20% in USD year-over-year, or 17% measured in constant currency. Subscription revenue for the quarter was $712 million, up 19% in USD year-over-year, or 16% measured in constant currency. Subscription revenue in the quarter was 87% of total revenue.

Subscription revenue from Infrastructure-related offerings for the quarter was $522 million, an increase of 14% in USD year-over-year, or 11% measured in constant currency.

Subscription revenue from Application Development-related and other emerging technology offerings for the quarter was $189 million, an increase of 37% in USD year-over-year, or 32% measured in constant currency.

GAAP operating income was $112 million, up 25% year-over-year, and GAAP net income for the quarter was $113 million, or $0.59 diluted earnings per share, compared with GAAP net income of $75 million, or $0.41 diluted EPS, in the year-ago quarter. Non-GAAP net income for the quarter was $133 million, or $0.72 diluted EPS, as compared to $104 million, or $0.58 diluted EPS, in the year-ago quarter.

Separately, Red Hat's Board of Directors authorized the repurchase of up to $1 billion of the Company’s common stock from time to time on the open market or in privately negotiated transactions.
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