Oracle Keynote at Cloud Expo

Cloud Computing Expo - Red Hat  has reported an impressive fiscal third quarter profits with revenue increase of 18 per cent compared to the same period last year.

One of the top performing areas for Red Hat has been its Subscription revenue which showed a 21 per cent jump.

The sore spot though was it's operating income which lagged by more than $1 million due to $8.8 million for a litigation settlement. In spite of that, it has managed to chalk up an income of US$194.3 million with record billings, boosting accounts receivable by US$24 million from the same period last year.

Oracle was named exclusive Diamond Sponsor of Cloud Expo 2010, which will take place April 19-21, at the Jacob Javits Convention Center in New York City. Cloud Expo, with over 5,000 delegates and more than 200 sponsors, will be the most significant technology event of the year.

Jim Whitehurst, president and chief executive officer of Red Hat, said in a statement: "Continued solid execution drove another quarter of strong results for Red Hat. Our double digit growth in the current economic environment was driven by our compelling value proposition and outstanding service [and] our customer focus has clearly differentiated us from the competition."

"Strong bookings, particularly in North America, led to strong billings and greater than 20 per cent growth in subscription revenue and deferred revenue, as well as further improvement of non-GAAP operating margins," said Charlie Peters, executive vice president and chief financial officer of Red Hat.

Based on Red Hat's strong performance and consistent growth during this challenging global economic environment, Standard & Poor's (S&P) Rating Services raised the corporate rating of Red Hat from 'BB' to 'BB+' on Nov. 10, 2009. This was Red Hat's third upgrade by S&P in just a 20-month period after it's inclusion in the S&P 500 stock index on July 24, 2009.