Open Source has been a much advocated part of the tech industry and is extremely popular for its ideology. However, there was a general belief of lack of profits from Open Source business and there was no top-notch Open Source company to prove this wrong.
Red Hat is out to set a record by becoming the first billion dollar Open Source Company in the world leaving Oracle behind in the competition. Almost 20% of the one billion alone comes from this quarter’s profits and Red Hat is performing remarkably well in its business. The overall revenue itself has increased by 20% and Red Hat is showing signs of immense growth.
The closest competitor Oracle’s cheap stunts have failed to impress customers enough. We all know of the cheap RHEL knockoff it was trying to sell. Oracle is doing it once again and this time, it has claimed that the new Linux it has developed is 75% faster than RHEL. However, we know how benchmarks can be manipulated and I mean technically.
Charlie Peters, Red Hat’s Executive VP and CFO says,
Our revenue and operating income growth continued this quarter with strong double digit gains in both, despite the foreign currency head wind. It is clear that our value proposition is resonating with customers.
It feels god to see that at least one Open Source company is going strong.