Red Hat profit jumps 40 per cent

Sales for the third quarter rose 28 per cent to £68m

Red Hat's profit rose to £7m

Profit at open source software provider Red Hat leapt almost 40 per cent to $20m (£10m) in the third quarter, up from $14m (£7m) in November 2006.

Sales rose to $135m (£68m), up 28 per cent year-on-year, while subscription revenue rose 30 per cent to $116m (£59m).

"As a result of strong market demand and solid execution from our worldwide organisation, we were able to deliver another strong financial performance in the third quarter and we are optimistic about our outlook," said Red Hat chief financial officer Charlie Peters.