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The Register: Red Hat out of the red in 2001 - CEO

Jun 16, 2000, 13:10 (3 Talkback[s])

"Linux specialist Red Hat said it will start turning a profit sometime next year, following a sharp rise in the company's quarterly revenues."

"Reporting its Q2 2000 results, yesterday, Red Hat said its revenues rose 95 per cent year-on-year for the three months to 31 May, reaching $16.0 million from $8.2 million. Quarter-on-quarter growth hit 22 per cent - in Q1 Red Hat recorded revenues of $13.1 million."

"...Expect more acquisitions like WireSpeed and Bluecurve while Red Hat continues to spend money on developing its business. Provided revenues continue to grow at around 22 per cent a quarter - and there's no reason why they shouldn't - Red Hat should indeed be in a position to go into the black next year."

"President and CEO Matthew Szulik's target of profitability sometime "in calendar 2001" gives him plenty of room to manoeuvre to choose the best time to declare a profit."

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