Red Hat edges towards $1bn annual revenue

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

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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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