The Waterloo, Ont.-based firm’s cloud services businesses drove growth, with revenue of nearly US$1.54 billion in the 12 months ended June 30, up nine per cent year over year. (The Logic)

Talking point: “It is a Darwinian moment to be more aggressive to outcompete arrivals,” said CEO Mark Barrenechea on an earnings call Friday, speaking specifically about the opportunity in the cloud market. OpenText plans to grow its 14,000-person workforce by two per cent this year, and says it’s competitive in the talent market, with major recruitment plans in India and the Philippines. But the firm is also “doing some good old-fashioned belt tightening,” Barrenechea said, noting it’s “going to put a lot of weight behind performance reviews this year” and “raise the bar internally on our expectations.” Other major tech companies have been cutting staff amid recession fears. Even amid its best-ever annual results, OpenText’s stock fell 6.1 per cent Friday on the Nasdaq after the company reported US$0.38 in earnings per share, down 42.4 per cent from the previous quarter.

Correction: This briefing has been updated to correct the spelling of Mark Barrenechea’s name.