Red Hat Inc (NYSE:RHT) stock took a dip late in the day despite the company’s impressive third-quarter results.
Ahead of the last quarter of fiscal 2018, the open-source software provider reported earnings of $101.3 million, or 73 cents per share on an adjusted basis. The figure marked a 19.67% increase year-over-year, while also topping the Wall Street projection of 71 cents per share, according to Thomson Reuters.
Red Hat also unveiled revenue of $748 million for the quarter, topping the year-ago mark by 22%. Analysts polled by Thomson Reuters called for revenue of $739 million.
One of the company’s strongest points was its application development and emerging technology subscriptions, which yielded revenue of $162 million, a 44% gain year-over-year. Operating cash flow popped 18% to $160 million.
The company sees its revenue to be in the range of $758 million to $763 million for its fiscal fourth quarter. Analysts polled by Zacks Investment Research expect revenue of $754.7 million.
Red Hat also released its adjusted earnings guidance, which is slated to be around 81 cents per share for the quarter. The Wall Street consensus estimate calls for earnings of 75 cents per share, according to Thomson Reuters.
For the fiscal year, the company forecasts earnings of $2.88 per share, while revenue is expected to be $2.91 billion. Red Hat sees its operating cash flow as being approximately in the range of $900 million to $910 million for the full year.
RHT stock fell 3.87% after the bell Tuesday.