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Red Hat annual revenue jumps 31% to $523 million

Red Hat announces $523 million in annual revenue, an increase of 31%, and net income of $76.7 million, an increase of 28% over fiscal year 2006.

On Thursday, March 27, Raleigh, N.C.-based Red Hat Inc. announced its 2007 revenue growth: 2007 revenue rose 31% to reach $523 million, and fourth-quarter revenue rose by 27% to reach $141.5 million as compared with the previous year, the company announced yesterday. The company's 2007 fiscal year ended Feb. 29, 2008.

In a late-afternoon webcast, the leading open source software company also reported the following details:

  • fourth-quarter revenue rose 5% from the previous quarter;
  • net income for the year was $76.7 million, or $0.36 per diluted share, compared with $59.9 million or $0.29 per diluted share for the previous year;
  • net income for the fourth quarter of 2007 was $22.0 million, or $0.10 per diluted share, compared with $20.3 million or $0.10 per share compared with the fourth quarter of the previous year, an increase of 28%; and
  • software subscription revenues rose at nearly identical rates to total revenues, growing 32% to $449.8 million for the year and 27% to $121.9 million for the fourth quarter. Fourth-quarter revenues was 5% higher than that of the previous quarter.

"It was an outstanding year," said Charlie Peters, the chief financial officer at Red Hat. "The company's performance was driven by growing demand for our open source solutions."

For more on Red Hat:
Ubuntu, Red Hat and Novell SUSE Linux jockey for position

Red Hat, Hyperic launch RHQ project to manage JBoss sites

Red Hat slams Microsoft's offer

During 2007, Red Hat Enterprise Linux 5 , or RHEL5 , won the Gold Award for Product of the Year in the virutalization technology category from . Other highlights include healthy growth in demand for JBoss middleware, which Red Hat acquired in 2006, and the recent acquisition of Amentra, a large middleware systems integrator.

Upcoming events include Red Hat Summit 2008 in Boston, June 18 through June 20 at the Hynes Convention Center.

Let us know what you think about the story; email Pam Derringer, News Writer .

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