OpenText Corp. sees revenues rise 2.4 per cent in latest financial quarter

By Canadian Press

WATERLOO, ONTARIO — OpenText Corp. reported revenues for the most recent quarter were up 2.4 per cent year over year, with cloud revenues rising 12 per cent. 

Net income for their second quarter ended Dec. 31 amounted to US$258.5 million, up 192.7 per cent, representing earnings of 96 cents US per diluted share, up from 32 cents a year earlier. 

That net income figure included $172 million of pre-tax unrealized gains related to its acquisition of U.K. software giant Micro Focus. 

The Waterloo, Ont.-based company says year-to-date revenues are up four per cent.

The company announced earlier this week it had closed its acquisition of Micro Focus for almost US$6 billion. 

At the same time, it announced layoffs of around eight per cent of the workforce due to the acquisition. 

This report by The Canadian Press was first published Feb. 2, 2023.

Companies in this story: (TSX:OTEX)

The Canadian Press

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