Business

Red Hat ends on high but cools on outlook

Red Hat’s fourth-quarter net income beat estimates.
Red Hat’s fourth-quarter net income beat estimates.Ross Taylor/file

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Linux software company Red Hat inc. ended its fiscal year on a high note, with fourth-quarter net income exceeding Street expectations. The Raleigh company’s revenue rose 15 percent to $400 million, pushing revenue for the year to $1.53 billion, to be precise. Net income for the quarter was $75 million, up from $70 million a year ago. Despite those rosy results, Red Hat shares declined likely because the company’s guidance for net income for its first quarter fell below analysts’ expectations. One Red Hat executive said it plans to add about 800 employees worldwide this year.

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