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ZDNet: Red Hat Revamps, Eyes Large Corporations

Mar 21, 2002, 20:30 (25 Talkback[s])
(Other stories by Stephen Shankland)

"Red Hat, the top seller of the Linux operating system, has restructured to focus on big customers while cutting jobs elsewhere, executives said Tuesday.

"Red Hat eliminated its network consulting group, which the company acquired for $47 million in February 2001 when it bought Planning Technology, said Chief Financial Officer Kevin Thompson. He spoke in a conference call Tuesday to report financial results for the company's fourth fiscal quarter of 2002, which ended Feb. 28.

"Including restructuring and other charges, Red Hat had a net loss of $28.9 million for continuing operations, or 7 cents per share, on revenue of $18.6 million.

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