Red Hat revenues increase 95 per cent in Q2

Despite posting a $US3.1 million loss in its first public earnings report covering its second fiscal quarter, Red Hat Software said it saw revenues increase 95 per cent 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 August 31, 1999. That's an increase of 95 per cent 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's growth is due in large part to the increasing popularity of Linux, the open-source operating system the company packages, sells and services, Bob Young, chairman and chief executive officer, said. He also maintained that the results show the company's ability to execute its business plan successfully.

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