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Red Hat, First Open Source Vendor to $1 Bi

To date, Red Hat has been one of the most financially successful Open Source vendors on Earth. The goal now though is to grow even more to hit a new financial milestone - $1 billion in revenue.

"We believe there is tremendous opportunity for Red Hat over the next decade and that we're still in the early stages," Red Hat CEO Jim Whitehurst said during the company's fiscal 2008 year end conference call. "We are pleased with our fiscal 2008 results of surpassing $500 million in revenue and we are now squarely focused on our next goal, to become the first billion dollar revenue open source vendor."

Red Hat's fiscal 2008 ended on ended February 29, 2008. The year end call is the first in which Whitehurst helmed the company as CEO since former .

Revenues at the Linux vendor hit $523 million for its fiscal year 2008 which is a 31 percent increase over its total 2007 revenue tally. The 2007 total revenue figure of $400.6

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