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The News & Observer: Durham-Based Software Firm's Earnings Offer Reason for Cautious Optimism

Sep 20, 2001, 18:34 (0 Talkback[s])
"In a conference call with analysts to review the results, Red Hat officials also revealed they had cut staff by 17 percent during the quarter, bringing the global work force to about 600. At the company's Durham headquarters, the staff of 200 was largely unaffected; most of the layoffs came at the offices of companies that Red Hat had acquired.

The job cuts were part of a cost-control and restructuring effort that kept Red Hat at a break-even level for the quarter. After announcing its first profitable quarter three months ago, Red Hat officials said they weren't able to predict what the rest of the year might look like because of slow sales across the technology market.

Given the impact last week's terrorist attacks might have on an already sluggish economy, Red Hat Chief Financial Officer Kevin Thompson again declined to predict what the rest of the company's fiscal year might look like. He did say that, before the terrorist events, he was anticipating "modest" revenue growth and that he expected Red Hat to continue to "at least break-even" in future quarters."

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