Even as the company marked 25 years in business, it reported total revenue of US$2.9 billion for the full fiscal year, an increase of 21% year-over-year.

A net loss of US$13 million for the quarter was put down to recent changes in US tax laws. In the fourth quarter of the 2017 fiscal year, the company had recorded profit of US$66 million. Profit for the full year 2018 was put at US$259 million.

Red Hat chief executive Jim Whitehurst said: “The fourth quarter was a strong finish to the year for Red Hat. We maintained strong subscription revenue growth in both of our major technology categories during the year, enabling Red Hat to exceed a US$3 billion annualised revenue run-rate exiting the year.

“Red Hat continued to expand its position with customers as a trusted adviser and strategic technology partner, enabling initiatives focused on digital transformation and cloud computing.

"This position helped drive a 50% year-over-year increase in the number of deals over US$1 million during the fourth quarter, as we benefited from strong cross-selling and high renewal rates within our top deals.”

Eric Shander, executive vice-president and chief financial officer, said: “We are pleased to deliver 21% revenue growth during fiscal year 2018, up from 18% growth in the prior year.

"In addition, a strong performance in the fourth quarter enabled the company to exit the year with a total backlog increase of 24% year-over-year. We believe our total backlog, along with continued demand for our technologies, will enable us to deliver strong growth in fiscal year 2019.”