Red Hat ends on high but cools on outlook
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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. Net income for the quarter was $75 million, up from $70 million a year ago. Despite those rosy results, however, Red Hat shares declined, probably because the company's first-quarter earnings guidance fell below analysts' expectations. One Red Hat executive said the company plans to add about 800 employees worldwide this year.
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