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Red Hat reports revenue gain of 18 percent

Red Hat, an open source solutions provider, recently announced its third quarter financial results for 2010. From the third quarter of last year, revenue has gone up approximately 18 percent, with total revenue reaching $194.3 million.

Other highlights of the financial results include an increase in subscription revenue of 21 percent, reaching $164 million and an increase in deferred revenue of 23 percent, reaching $619 million.

Jim Whitehurst, President and CEO of Red Hat, said “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. Our customer focus has clearly differentiated us from the competition.”

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