Shares in Red Hat jumped on the New York Stock Exchange in extended trading after the software vendor beat the expectations of Wall Street Analysts.
The firm reported revenues of $1.79bn (£1.2bn) for the fiscal year ending February 2015, up 17% in US dollars year-on-year, alongside net income of $180m (£121m) in line with generally accepted accounting principles (GAAP).
Jim Whitehurst, president and CEO at Red Hat, said: "Red Hat delivered strong fourth quarter results that were highlighted by subscription revenue and total revenue that both grew over 20% year-over-year on a constant currency basis.
"We continued to experience strong demand for our open, hybrid cloud technologies, as evidenced by increased cross-selling in our top 30 deals which were all over $2m (£1.3m) for the first time."
Alongside the yearly results Red Hat also reported that the fourth quarter had been a success, with total revenue standing at $464m (£312m) and GAAP net income at $48m (£32m), the same amount as the previous quarter but $3m (£2m) on a year-on-year basis.
"Our strong fourth quarter marked the 52nd consecutive quarter of revenue growth and we exited the fiscal year with a record total backlog over $1.86bn (£1.24bn), up 19% year-over-year," stated Charlie Peters, EVP and CFO of Red Hat.
"We are pleased to have delivered mid-teens growth across revenue, non-GAAP operating income and cash flow despite significant foreign exchange volatility during fiscal 2015.
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"By focusing on the needs of our customers, our team of global associates achieved remarkable success across the company for the quarter and the year."
