24 March 2011, 12:57

Red Hat is on its way to $1 billion in sales

The US-based Linux distributor Red Hat has in the last quarter of its fiscal year, which ended in February, increased its sales by a quarter. Year on year, quarterly sales had risen from $196 million to $245 million according to the announcement. Net income rose from $23 million to $33.5 million.

Revenue from software subscriptions rose from $169 million to $209 million and services rose from $26.7 million to $35.5 million. The full fiscal year saw a net income of $107 million, $20 million more than the year before. Sales rose from $638 million to $773 million. Overall, the company's full year revenue was $909 million, somewhat short of the one billion dollar revenue some analysts had predicted for the company.

Against this background, CEO Jim Whitehurst said that the company on its way to become "the first pure-play open source company to achieve a billion dollars in revenues next fiscal year". Chief Financial Officer Charlie Peters sees the result as a positive consequence of efforts in recruitment of retailers and developers of newly introduced products, plus investment in new technology, especially the cloud.

(ehe)

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