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The Waterloo, Ont.-based technology firm reported US$173 million on US$1.28 billion of revenue in its fiscal quarter through March, up 86 per cent and 2.2 per cent year over year, respectively. Both were ahead of analysts’ consensus estimates, as compiled by Visible Alpha. (The Logic)
Talking point: OpenText is in reinvention mode, trying to capitalize on the AI boom after its mega-acquisition of rival Micro Focus and divestment of some units. Its cloud business drove its growth last quarter, bringing in US$493 million in revenue, up 6.6 per cent year over year. Meanwhile, sales at its services units actually contracted. “Cloud and AI remain at the forefront of our future and will fuel future years’ growth,” OpenText chair Tom Jenkins said on an earnings call Thursday. Day-to-day management now passes to new CEO Ayman Antoun, a former IBM executive who took over late last month. OpenText’s stock closed up 4.51 per cent in Friday trading on the Toronto Stock Exchange.
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