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Red Hat takes Nasdaq by storm

By Aled Herbert

Published: 12 August 1999 16:20 BST

Linux vendor, Red Hat, made a strong debut on Nasdaq yesterday as its share price surged from $16 to $50 in the first hour of trading.

Although the company is not yet profitable, reporting a loss of $2.1m on sales of $2.8m in the last quarter, Red Hat is now valued at $3bn.

Shares ended the day at $52.06, an increase of $38.06 on the opening price.

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