Red Hat Closes in on $1 Billion in Revenue

Thursday Mar 24th 2011 by Staff

The open source giant reports $909.3 million in revenue for fiscal 2011. Red Hat is close to achieving CEO Jim Whitehurst's prediction that the company would become the first open source firm to bring in $1 billion. For fiscal year 2011, the company reported $909.3 million in revenue, a 22 percent increase over the previous year. Net income came in at $107.3 million.

Much of the company's success came from the release of its flagship Red Hat Enterprise Linux 6 platform in the fourth quarter. The company hopes to grow its virtualization and cloud computing business in the coming year.

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