Red Hat delivered its fourth quarter and year-end financial results after the bell on Wednesday, and the news gets ever rosier. The company is in the midst of a major shift in its strategy toward OpenStack-based cloud computing, and it looks like service revenues from that effort are starting to arrive.
The company posted net income of $48 million, or 26 cents per share (see results). Non-GAAP earnings were 43 cents per share on revenue of $464 million, up 16 percent year-over-year, marking the 12th consecutive quarter of revenue growth in the mid-teens. Analysts were looking for earnings of 41 cents per share on revenue of $456.50 million. For all of 2014, Red Hat earned $1.79 billion in revenue, up 17 percent year-over-year.