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Upside: Red Hat's black ink

Jun 19, 2000, 03:10 (0 Talkback[s])
(Other stories by Sam Williams)

"Buoyed by better-than-expected financial results for the first quarter of fiscal year 2001, Red Hat (RHAT) executives were racing to jump on the growing "pathway to profitability" bandwagon this week.

"We believe [Red Hat's] operating loss will decrease for the balance of 2000, until we reach profitability in 2001," said Red Hat chief financial officer Harold Covert."

"Covert's statement followed on the heels of Red Hat reporting operating losses for the first fiscal quarter of 2 cents a share, 2 cents better than consensus analysts' expectations according to First Call/Thomson Financial. Revenues, meanwhile, grew to $16 million, a 95 percent increase over the same period in 1999, while gross margins grew to 54 percent from 51.7 percent a year ago."

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