News

Cloud shift helps Red Hat near $1bn revenue mark

Simon Quicke

A shift by customers towards cloud computing has helped Red Hat deliver a set of solid numbers for its fiscal year that have given the firm the confidence to set its sights on $1bn revenue.

The open source champion was able to deliver increased revenues, subscriptions and gross profit for the year ending 28 February.

For the year GAAP net income rose from $87.m a year before to $107.3m, revenue rose by 22% to $909.3m and subscription revenues, the lifeblood of a softwarev company, also increased year-on-year by 21%.

The firm is now looking to break the billion dollar mark in revenues in its next fiscal year with its president and CEO Jim Whitehurst commenting that it would be a milestone not just for the vendor but the open source community.

"We believe the strong demand we experienced was largely down to customers who are modernising their data centres and preparing their infrastructure for cloud computing," he said.


Join the conversation Comment

Share
Comments

    Results

    Contribute to the conversation

    All fields are required. Comments will appear at the bottom of the article.