Wednesday, 23 March 2016 09:45

Red Hat annual revenue crosses US$2b for the first time Featured

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Open source company Red Hat has recorded revenue of US$2.05 billion for its financial year which ended on February 29, marking another first for the company.

The figure represents an increase of 15% year-on-year.

The company recorded profit of US$180 million for the fiscal year, according to figures released in the US on Tuesday.

The fourth-quarter revenue amounted to US$544 million, an increase of 17% over the corresponding period in the previous financial year. Of this, 88% came from subscriptions, a percentage that also held for the entire financial year.

A media release from Red Hat quoted chief executive Jim Whitehurst as saying: "Enterprises increasingly adopting hybrid cloud infrastructures and open source technologies drove our strong results.

"The fourth quarter marked our 56th consecutive quarter of revenue growth, contributing to Red Hat’s first fiscal year crossing US$2 billion in total revenue."

The company has forecast revenue of between US$2.38 billion and US$2.42 billion for its next financial year.

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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