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March 24, 2016 02:00 am

Red Hat Becomes First $2 Billion Open-Source Company

An anonymous reader quotes a report from ZDNet: Red Hat just became the first open-source company to make a cool 2 billion bucks. Not bad considering Red Hat became the first billion dollar Linux company only four years ago. Red Hat did it the old-fashioned way: They earned the money instead of playing upon the gullibility of venture capitalists. Red Hat's total revenue for its fourth quarter was $544 million. That's up 17 percent in U.S. dollars year-over-year, or 21 percent measured constant currency. Subscription revenue for the quarter was $480 million, up 18 percent in U.S. dollars year-over-year, or 22 percent measured in constant currency. Subscription revenue in the quarter was 88 percent of total revenue. Analysts estimated Red Hat would make $534 million. Looking ahead for its 2016 FY Red Hat expects to see between $2.380 billion to $2.420 billion. At this rate, Red Hat should easily become the first $3 billion open-source company. While Red Hat's president and CEO Jim Whitehurst credits the "hybrid cloud infrastructures," Red Hat's subscription revenue can largely be ascribed to Red Hat's flagship product: Red Hat Enterprise Linux. Still, RHEL, which is now available on Microsoft Azure, is becoming a prominent cloud operating system.

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