The volatile currency markets impacted Red Hat's top-line this quarter, as revenue only grew 15% year-over-year in U.S. dollars, but 20% in constant currency. Whitehurst said that even though Red Hat is well-hedged and currency issues don't affect cash flow and the bottom line, they do affect top-line growth to some extent. "Our overall growth rate looked a little weaker than it was, with subscriptions growing 17%, versus 22% in constant currency," he said.

Whitehurst also applauded recent moves by the ECB and the Federal Reserve to stabilize the currency markets. "The ECB working to stabilize the Euro is a good thing," he said.

Interested in more on Red Hat? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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