Raleigh-based Red Hat Inc (NYSE:RHT) reported upbeat earnings for its fourth quarter, while sales missed estimates.
Red Hat, the world's leading provider of open source solutions, Fourth quarter total revenue of $879 million, up 14% year-over-year, or 17% in constant currency; full fiscal year total revenue was $3.4 billion, up 15% year-over-year, or 16% in constant currency
A news release from Monday stated that fourth-quarter Application Development-related and other emerging technology subscription revenue of $225 million, up 30% year-over-year, or 34% in constant currency; full fiscal year Application Development-related and other emerging technology subscription revenue of $816 million, up 31% year-over-year, or 32% in constant currency
Fourth-quarter training and services revenue of $105 million, up 18% year-over-year, or 23% in constant currency; full fiscal year total training and services revenue of $413 million, up 19% year-over-year, or 21% in constant currency
Year-end deferred revenue balance of $3.0 billion, up 15% year-over-year, or 18% in constant currency.
Full fiscal year GAAP net income was $434 million, or $2.33 diluted EPS, compared with $262 million, or $1.42 diluted EPS, in the prior fiscal year. The prior fiscal year included a one-time tax charge of $123 million related to the Tax Cuts and Jobs Act enacted into law in December 2017.
However, the company adds, due to the pending transaction with International Business Machines Corporation (NYSE:IBM), Red Hat will not be hosting a conference call for its fourth quarter 2019 business results and will not be providing an outlook for its fiscal 2020.
Red Hat shares acquired 53 cents to $181.93 early Tuesday.
