Red Hat shakes off economic meltdown
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While commercial Linux distributor Red Hat has not grown enough to justify the ridiculous valuations that Wall Street put on the company when it went public a decade ago, the company is more or less on track to break $1bn in sales in the next couple years. In the third quarter of fiscal 2009 ended November 30, which had the global economic meltdown smack dab in the middle of it, Red Hat reported software subscription sales of $135.5m, up 17 per cent, with training and services sales of $29.9m, up 52.1 per cent. Overall sales rose by 22.1 per cent to $165.3m, and despite larger operating costs compared to the third quarter of fiscal 2008, net income rose by 18.7 per cent to $25.1m.
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