Despite posting a US $3.1 million loss in its first public earnings report covering its second fiscal quarter, Red Hat Software Inc. today said it saw revenues increase 95 percent from the same period last year.
Red Hat, the Linux software vendor that went public in August, showed revenues of $4.4 million for its second fiscal quarter ending Aug. 31, 1999. That's an increase of 95 percent from $2.3 million in revenues in the same quarter a year ago.
The company's net loss of $3.1 million, or 9 cents a share, compared with earnings of $100,000, or a penny a share, in the same quarter last year, Red Hat said.
Red Hat, whose stock was priced at $14 when it was publicly offered Aug. 10, closed at $108.25 today on the Nasdaq stock exchange, down $4.125 or 3.67 percent on the day.
Red Hat's is growth is due in large part to the increasing popularity of Linux, the open-source
operating system the company packages, sells and services, said Bob Young, chairman and chief executive officer, in a statement released today. He also maintained that the results show the company's ability to successfully execute its business plan.
Red Hat, in Durham, North Carolina, can be reached at +1-919-547-0012, or at http://www.redhat.com/.