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May 6, 2021

OpenText reports $91.5M profit in Q3, as company grows customer base

Former OpenText CEO is leading a new firm, sees growing demand for digital vaults

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WATERLOO, Ont. - A slew of new customers and products delivered a 252 per cent increase in net income for OpenText Corp. in its latest quarter.

The Waterloo, Ont.-based tech company says its net income for its third quarter amounted to US$91.5 million, up from US$26 million at the same time last year.

The company, which keeps its books in U.S. dollars, says its earnings amounted to 33 cents per share on a diluted basis, up from 10 cents per share in the third quarter of last year.

Analysts on average had expected a profit of 29 cents per share for the period ended March 31, according to Refinitiv.

OpenText says its revenue for the quarter totalled US$833 million, up from US$815 million at the same time last year.

Johnson & Johnson, New Balance Athletic Shoe, Inc. and Royal Bank of Canada all became OpenText customers in the quarter, while it launched a new content service platform and other software offerings.