Red Hat Sees Real Money in Virtualization and Cloud

"For Linux vendor Red Hat, the road ahead is about looking up to the cloud as it ramps up business efforts to profit from new virtualization and service-oriented initiatives.

"Red Hat (NYSE: RHT) reported its second quarter fiscal 2011 financial results this week, posting solid revenue growth across its operating-system and middleware business units.

"For the quarter ending Aug. 31, Red Hat reported revenue of $220 million, a 20 percent increase over the same period last year. The firm reported net income of $23.7 million, or $0.12 per share, which is a decline from the $28.9 million that Red Hat reported in the year-earlier period. But in that quarter Red Hat included a one-time tax benefit of $7.3 million."

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