Stock Watch: Revenue Jump Sends Red Hat Higher

Red Hat, Inc. (Nasdaq: RHAT) climbed 1 5/8 to 25 Friday after the company, which makes software for the Linux operating system, reported a 95 percent increase in revenue for the first quarter.

Revenue for the quarter ended May 31st rose to $16.0 million from $8.2 million in the same period a year earlier, the Research Triangle Park, North Carolina-based company said. Gross margins rose 54 percent.

The company reported a net loss of $14.9 million or 10 cents per share, compared with a loss of $4.1 million, or 8 cents, a year earlier. President and Chief Executive Officer Matthew Szulik said the results reflect “continued execution against our plan to double revenue and become profitable in calendar 2001 while leveraging our acquisitions to enter new markets and create new revenue streams.”

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