Red Hat Inc (NYSE:RHT) reported strong quarterly results Monday that came in ahead of analysts’ expectations on earnings and revenue.
The multinational software company posted a fourth-quarter net loss of $13 million, or 7 cents per diluted share, compared with GAAP net income of $66 million, or 36 cents per diluted share in the year-ago period. On an adjusted basis, the company earned $167 million, or 91 cents per diluted share, 30 cents above the 61 cents per share, or $110 million rom a year ago.
Analysts were calling for Red Hat to earn 81 cents per share on an adjusted basis, according to data compiled by FactSet. The company’s revenue increased 23% year-over-year, reaching $772 million, also ahead of the Wall Street consensus estimate of $762 million, according to FactSet.
The company’s subscription revenue from infrastructure-related offerings for the quarter was $510 million, surging 17% compared to the year-ago quarter. Red Hat’s subscription revenue from application development-related and other emerging technology offerings for the quarter was $173 million, rising 39% year-over-year.
The software provider’s operating cash flow for the period was $362 million, surging 14% compared to the year-ago quarter. Total cash, cash equivalents and investments as of the end of the quarter was $2.5 billion.
For the full year 2018, Red Hat projects that its revenue will be in the range of $3.43 billion to $3.46 billion. For the first quarter, revenue is slated to be between $800 million and $810 million.
RHT stock gained more than 5.6% after hours, following a 3.5% surge during regular trading hours.