Nov 2, 2023
OpenText Corp. sees earnings, revenues rise to kickstart financial year
The Canadian Press
We're helping customers take decades of their own private data and talk to it with AI: OpenText CEO
OpenText Corp. says it earned US$80.9 million in the first quarter of its financial year, up from a loss of US$116.9 million a year earlier.
Revenues for the Waterloo, Ont.-based company were US$1.4 billion, up from US$852 million during the first quarter last year.
Diluted earnings per share were 30 cents US, up from a loss of 43 cents US last year.
Cloud revenues grew 11.5 per cent year over year to US$451 million.
CEO Mark Barrenechea says the strong first-quarter results set the company up for a strong fiscal 2024.
Adjusted earnings before interest, taxes, depreciation, and amortization were US$494.8 million, up from US$304 million.
This report by The Canadian Press was first published Nov. 2, 2023.