May 27th, 2024

Open Text Corp. earns US$98.3 million in third quarter as revenues rise 16 per cent

By The Canadian Press on May 2, 2024.

The logo for OpenText is shown in this undated handout photo. THE CANADIAN PRESS/HO-OpenText *MANDATORY CREDIT

WATERLOO, ONT. – Open Text Corp. says it earned US$98.3 million, up from US$57.6 million a year earlier.

The Waterloo, Ont.-based software company says its revenues totalled US$1.4 billion, up 16 per cent from US$1.2 billion during the same quarter last year.

CEO Mark Barrenechea says the stronger revenues reflect customer demand for information management and new artificial intelligence capabilities.

Diluted earnings per share were 36 cents US, up from 21 cents US a year earlier.

Operating income was US$227.1 million, up from US$64.0 million a year earlier.

During the quarter, the company completed the divestment of its AMC business to Rocket Software for US$2.3 billion in cash before taxes, fees and other adjustments.

This report by The Canadian Press was first published May 2, 2024.

Companies in this story: (TSX:OTEX)

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