Red Hat edges towards $1bn annual revenue

Summary:The company is on course to become the first open-source firm to hit $1bn in annual revenue, after posting strong fourth-quarter results

Red Hat has delivered a strong fourth quarter and is on track to be the first pure play open-source company to hit $1bn in annual revenue.

The open-source software provider reported fourth-quarter net income of $33.5m (£20.7m), or 17 cents a share. Non-GAAP earnings were $244.8m, up 25 percent from a year ago. For the year ending 28 February, Red Hat reported net income of $107.3m, or 55 cents a share, on revenue of $909.3m, up 22 percent from a year ago.

Jim Whitehurst, chief executive of Red Hat, said the company is approaching $1bn in annual revenue. Whitehurst added that Red Hat is benefitting from datacentre upgrades, virtualisation software and JBoss middleware.

For more on this ZDNet UK-selected story, see Red Hat: Nearing $1 billion in revenue; Not bad for free software on ZDNet.com.


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Topics: Tech Industry

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Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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