Saturday, June 22, 2024

Red Hat Becomes First $1 Billion Open Source Company

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Ars Technica: Red Hat has become the first company that makes its money primarily from open source technology to exceed $1 billion in annual revenue. For its fourth fiscal quarter, the firm reported $297 million in revenue, a 21 percent year-over-year increase. The put total revenue for the year at $1.13 billion with net income of $146.6 million.

In a blog post, Linux Foundation Executive Director Jim Zemlin wrote, “This achievement will finally put to bed the argument that ‘nobody can make money with open source.'”

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