Red Hat Earnings: RHT Stock Edges Higher After Turning Q4 Profit

Red Hat (NYSE:RHT) announced its latest quarterly earnings results late on Monday, bringing in a profit that proved to be significant as the business posted a loss during the same period a year ago, yet shares were mostly unmoved after hours today.

Red Hat EarningsThe Raleigh, North Carolina-based company announced that for its fourth quarter of the fiscal 2018, it managed to bring in net income of $139.5 million, or 75 cents per share. The figure was stronger than the company’s loss of $12.16 million, or 7 cents per share from its fourth quarter of 2017.

On an adjusted basis, Red Hat brought in earnings of $1.16 per share, about 15 cents higher than the Wall Street consensus estimate of $1.01 per share. The business added that its revenue for the period tallied up to $879 million, topping the Wall Street guidance of $883.85 million.

Sales were up about 14% when compared to the same period in its fiscal 2017, or up 17% on a constant currency basis. Red Hat added that its subscription revenue for the period tallied up to $774 million, about 13% higher than in the year-ago period, or 16% better on a constant currency basis.

The company’s quarter benefited from lower income taxes provision, as well as positive customer growth and stable demand from its hybrid cloud tech solutions.

RHT stock was down about 0.2% during regular trading Monday, then gained a fraction after hours despite the company managing to bring in a profit for its last period of the fiscal 2018.

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