The Waterloo, Ont.-based firm reported net income of US$28.8 million on US$1.31 billion in revenue for its fiscal fourth quarter ending June 30, down 88.4 per cent and 3.8 per cent, respectively. Both figures trailed analysts’ consensus estimates as compiled by Visible Alpha. (The Logic)
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The Waterloo, Ont.-based firm reported net income of US$28.8 million on US$1.31 billion in revenue for its fiscal fourth quarter ending June 30, down 88.4 per cent and 3.8 per cent, respectively. Both figures trailed analysts’ consensus estimates as compiled by Visible Alpha. (The Logic)
Talking point: The sale of the firm’s mainframe-modernization unit accounted for much of its revenue drop. While the business shrank slightly overall, OpenText’s cloud sales continued to grow, up 2.1 per cent year over year to US$475 million in its most recent quarter. The firm projects those revenues will grow up to four per cent this fiscal year. “Customers are investing in AI, cloud and security,” CEO Mark Barrenechea said on the company’s earnings call. The stock rose as much as 9.77 per cent in Friday trading on the Nasdaq.
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