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Red Hat becomes first $1bn open-source company

ZDNet - Red Hat has become the first open-source company to surpass a billion dollars in yearly revenues, with the Linux specialist's earnings helped by broader use of its software in the public and financial sectors.

The company reported fiscal 2012 revenue of $1.13bn (£711m) on Wednesday, and fourth-quarter revenue of $297m, up 25 and 21 percent year-over-year respectively. The quarter's net income of $36m was marginally down on the previous quarter's $38.2m, but up on the previous year's $33.5m.

"Red Hat has become the first pure-play open-source company and one of a few select software companies to have ever achieved this [$1bn] milestone," the company's chief executive, Jim Whitehurst, said on an earnings conference call.