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Red Hat reports net loss on US tax changes

Red Hat Inc., a U.S. software company, reported a net loss for its fiscal fourth quarter ending Feb. 28 of $12.6 million, or a diluted net loss per share of 7 cents, down 81% from the prior-year quarter's net income of $65.8 million, or a diluted net income per share of 36 cents.

The company posted total revenue of $772.3 million for the period against $628.8 million in the same period last year. Subscriptions, which comprised 89% of total revenue, came in at $683.3 million, up 22% from the prior period's $559.6 million on a quarterly basis.

Cost of revenue for the current quarter rose to $112.6 million compared to $92.2 million in the same period last year.

The company said its results included a one-time charge of $123 million pertaining to the new U.S. tax law, which pushed the provision for income taxes up to $154.6 million from the prior-year quarter's $25.9 million.

Net income for the full year increased to $258.8 million from $253.7 million recorded last year.

"We believe our total backlog, along with continued demand for our technologies, will enable us to deliver strong growth in fiscal year 2019," said Eric Shander, Red Hat's executive vice president and chief financial officer.

Red Hat said it expects revenue for the full year 2018 to reach up to $3.46 billion and diluted EPS as high as $2.28.