Red Hat Shares and Revenue See Soaring Growth on Positive 2010 Results
Red Hat shares and revenue have soared since the software company reported on Wednesday on their fourth quarter and 2011 fiscal year results
Posted by Killian McAleese 24th March 2011
Open source and linux champion Red Hat's revenue hit a record high as the company reported $244.8m in revenue during the fourth quarter of 2011, up 25% on the figure from 2010. Of that, subscription revenue was up 24%.
The open source company's total revenue for 2010 was an impressive $909.3m, an increase of 22% on 2009, with subscription revenue up 21%.
The significance of the yearly figure is not lost on Red Hat's President and Chief Executive Jim Whitehurst, as he remarked, “we are on a run rate to become the first pure-play open source company to achieve a billion dollars in revenues next fiscal year, a milestone achievement for Red Hat and the open source community.”
After the New York Stock Exchange closed yesterday it was reported that shares in the open source company soared and were up by 11% to 44.31 in after hours trading.
“It was a good year,” was the unsurprising reaction of Charlie Peters, the company's Executive Vice President and Chief Financial Officer.
“This year we focused on growth with aggressive hiring for sales and engineering, launched major product releases and invested in technologies focused on cloud computing.”
A key open source proponent and specialist, Red Hat was founded in 1993 and is a leader in enterprise Linux. The company now operates worldwide with offices on four continents.
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