Red Hat’s Q4 revenue jumps 23%

Open source software giant Red Hat (RHT) reported its fourth quarter 2018 results with revenue jumping 22.8% to $772.3 million. However, profit on a reported basis was impacted by the one-time impact of the US Tax Cuts and Jobs Act. The company reported a loss of $13 million or $0.07 per share for the quarter when compared to a net income of $65.8 million or $0.36 per share a year earlier. On an adjusted basis, Red Hat reported earnings of $0.91 per share, which was up 49.1% year-over-year.

Red Hat maintained good subscription growth in both of its major technology categories for the year, enabling the company to cross a $3 billion annualized revenue run rate for the year. Subscription revenue from Infrastructure-related offerings jumped 17% to $510 million, or 13% in constant currency during the recently ended quarter. Subscription revenue from Application Development-related and other emerging technology offerings for the quarter surged 39% to $173 million.