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CNET News.com: Red Hat beats estimates, aims for profit in 2001

Jun 16, 2000, 00:41 (0 Talkback[s])
(Other stories by Michael Kanellos)

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"Red Hat... said that losses for the first fiscal quarter 2001, excluding extraordinary events, came to $2.5 million, or 2 cents a share. Analysts expected the North Carolina company to report losses of 4 cents a share. Revenues, meanwhile, came to $16 million, a 95 percent increase from revenues of $8.2 million in the first fiscal quarter of 2000. The figure represents an increase of 22 percent over revenues of $13.1 million in the company's fourth quarter."

"If we are successful, Red Hat may become the Wal-Mart of the Linux business," Robert Young, Red Hat's chairman, said in an interview earlier this week. "We have every intention of making this a high-margin services business."

"Q1 performance represents continued execution against our plan to double revenue and become profitable in 2001 while leveraging our acquisitions to enter new markets and create new revenue streams," CEO Matthew Szulik said in a statement."

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