With its CEO and CFO touting Red Hat’s “ongoing momentum” across its growing multitude of cloud and other offerings, the Hatters turned in another Wall Street bash with quarterly revenues and earnings surging. A revision of revenues upward also helps send Red Hat shares up 5 percent after the earnings news.

Red Hat (NYSE: RHT) shares surged to more than $110 in after-hours trading Monday after the Raleigh-based Linux and Open Source software giant’s earnings disclosure.

Some highlights:

  • Earnings came in at 77 cents, a full 10 cents above consensus Wall Street estimates.
  • Earnings were up 40 percent year-over-year.
  • Revenue came in at $723 million, up 21 percent vs. a year earlier and a whopping 51 percent from 2016.
  • Expectations were for $699.4 million.
  • Looking ahead, Red Hat revised full-year revenue expectations to $2.88-$2.895 billion, up from $2.79=$2.83 billion.
  • Consensus estimates were for $2.81 billion.

CFO Eric Shander explained that the bullish financials came from “ongoing momentum” across a variety of products and services.Among the growing sectors: Subscription revenue soared 40 percent from a year ago.

  • WTW INSIDER COVERAGE: Red Hat Ebterprise Linux remains core driver of growth, CEO says.

“Strong execution and global demand for Red Hat technologies continued to drive financial results which exceeded expectations for the second quarter and the first half of fiscal year 2018,” Shanders aid in a securities filing.

CEO Jim Whitehourst, meanwhile, said “strong demand” for hybrid cloud was a key driver.

“Strong demand for our technologies that enable hybrid cloud computing has contributed to accelerated revenue growth in the first half of the fiscal year,” Whitehurst explained.

“In the second quarter, we delivered total revenue growth of 21%, fueled by over 40% growth in our Application Development-related and other emerging technology revenue. IT organizations continued to turn to Red Hat as a strategic technology partner to help them transform and modernize their applications and infrastructure for the hybrid cloud.”