Red Hat reports strong Q2 results

Just after market close yesterday, Red Hat announced its earnings for the second quarter of 2010, and results were profitable for the open source leader.

Total revenue for the quarter was $219.8 million, which was up 20% from the year ago quarter at $183.6 million, while subscription revenue for Q2 was up 19% to $186.2 from last year. Red Hat President and CEO Jim Whitehurst cited Red Hat’s cloud computing and virtualization efforts among the reasons for the solid growth for the company, including a private cloud management deal worth over $1 million. Whitehurst also looked at cross-selling of products, strong renewals and new project spending as reasons for the revenue increase.

You can check out the full earnings release with balance sheets and a full earnings report.