Red Hat posted good results for the first quarter of 2007, ended 31 May, with revenues up 38 per cent to $84m. Subscriptions made up $71.5m of this, with training and services providing the other $12.5m

But Wall Street wasn't impressed and pushed Red Hat shares on Nasdaq down five per cent. GAAP net income for the period was $13.8m.

Total cash and investments on 31 May was $1.1bn.

More from Red Hat here.

In other news, law blog Patently-O is reporting that Red Hat is being sued for patent infringement by FireStar. The lawsuit relates to software from JBoss, which Red Hat bought on 2 June. More from Patently-O here. ®

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