Red Hat released its Q1 2016 earnings report last month and the news continues to be positive for the tech company with a campus on Littleton Road right here in Westford.
The announcement marked the 53th quarter of overall revenue growth according to the company, which provides customer support for its open-source Linux platform as well as other various tech products.
In the report, Red Hat representatives reported Q1 total revenue of $481 million, up 14 percent year-over-year from Q1 2015.
There was also 14 percent year-over-year growth in subscription revenue products and a 27 percent year-over-year increase in operating cash flow.
Overall, Q1 results exceed the high-end of expectations for non-GAAP operating margin and EPS, with both GAAP and non-GAAP quarterly income rising over 20 percent in year-over-year comparisons.
Following the news, Red Hat’s stock (NYSE:RHT) rose to just under $80 per share before returning to the mid $70s shortly before the end of July. However, several financial analysts have remained bullish on the company projecting a price target in the mid-$80 range after Q2 projected EPS over $.025
