The Toronto-based technology rollup reported a $274-million profit to shareholders on $3.34 billion in revenue in the second quarter. That’s up 389 per cent and 17.3 per cent year over year, respectively, but short of analysts’ consensus estimates compiled by Visible Alpha. (The Logic)

Talking point: Retail investors have sent Constellation’s share price rocketing and plummeting this year amid wider fears that AI will blow up the software business—the so-called SaaSpocalypse. Founder Mark Leonard left last September amid those AI-related concerns. Today, Constellation is deriving some benefits from the technology. Portfolio firms are using it to develop products faster and add new capabilities to existing ones, president Mark Miller said on a Wednesday earnings call. But while AI has helped boost internal productivity, “we still haven’t seen a real pickup in organic growth from it,” Miller said, adding “that’s a ways out.” Constellation’s stock fell as much as 8.4 per cent in Wednesday trading. 

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