|Red Hat CEO Jim Whitehurst|
NEW YORK ( TheStreet) - Red Hat ( RHT) CEO Jim Whitehurst said the company has been so successful in open source software because of its vast army of engineers and because it places support behind its releases. "We have a team of engineers that are behind supporting open source, and we are able to monetize the support and customer service," Whitehurst said in an interview Tuesday.
"Red Hat has been successful in open source where others have not because when we release a new system every two years, we pledge to support it for 10 years," Whitehurst noted. The Raleigh, N.Cc-based company reported earnings earnings Monday that beat Wall Street estimates; it also raised fourth-quarter and full-year guidance. On the conference call following the release of the earnings, Red Hat said it expected fourth-quarter revenue in the range of $289 million to $292 million. It expects earnings of 26 cents to 27 cents a share. Wall Street's current consensus view is for a profit of 26 cents a share in the quarter on revenue of $292.5 million.