Red Hat joins the billion-dollar club – Red Hat is the first open-source company to generate $1 billion in annual revenue

©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.

IDG News Service (New York Bureau)

Red Hat released its financial results Wednesday for its 2012 fiscal year, ended Feb. 29. Revenue was US$1.13 billion, up 25 percent from the year earlier, and net income was $146.6 million, up from $107.3 million the year earlier, Red Hat said.

Passing the $1 billion milestone is “a statement about open source, and the relative ubiquity of open source. Very few companies have been able to reach that mark,” CEO Jim Whitehurst said in an interview. “It’s quite a statement that we’ve been able to achieve that with a radically different business model.”

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