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VARBusiness.com: Red Hat Zooms After Beating Estimates

Mar 24, 2001, 20:30 (7 Talkback[s])
(Other stories by Rob Wright)

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"The day after announcing financial results that beat Wall Street estimates, Red Hat saw its stock price jump several hundred percent."

"Red Hat, the leading Linux distributor and open source champion, reported Thursday losses of just $600,000 for the quarter ending Feb. 28, compared to losses of $5.6 million for the same quarter last year. The company's stock price started the day at $1.31 and quickly rose to more than $7. Red Hat shares are currently trading at $6.25."

"The fourth quarter results represent a virtual break-even per share for stockholders. Red Hat officials say they expect to reach profitability in the first quarter of fiscal year 2002. In an exclusive interview with VARBusiness last month, Matthew Szulik, president and CEO of Red Hat, said he expected the company to turn a profit during the calendar year of 2001 after originally setting the goal for 2002 (see "The Linux Populist")."

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