RHT stock is up a whopping 19% in early Friday trading following Red Hat’s (RHT) impressive third quarter results.
Red Hat is the leading provider of open source solutions and revenue is up 15% in U.S. dollars from a year ago to $397 million. Red Hat CEO Jim Whitehurst gave some insight as to why the company had such a good quarter and why RHT stock is through the roof today. He said that strong, third-quarter demand for the company’s “core Red Hat Enterprise Linux and JBoss Middleware technologies led to results that exceeded guidance across several key financial metrics,” he said.
“Red Hat’s technologies address the high growth opportunities in the data center to modernize and move away from legacy proprietary software in order to deploy open hybrid cloud technologies that drive IT velocity, efficiency and scalability,” Whitehurst said.
Company shares experienced some growth over the last month but they were down 7.5% YTD until third quarter results caused RHT stock to boom.