Business software company Open Text reports US$84.4M Q1 profit

TORONTO – Open Text Corp. reported a first-quarter profit of US$84.4 million, up from US$80.9 million a year earlier, as its revenue fell 11 per cent following the sale of its AMC business to Rocket Software.
The business software company, which keeps its books in U.S. dollars, says its profit amounted to 32 cents US per diluted share for the quarter ended Sept. 30, up from 30 cents US per diluted share in the same quarter last year.
Revenue for the first full quarter after the AMC sale totalled US$1.27 billion, down from US$1.43 billion a year earlier.
Open Text said total revenue was down 1.8 per cent when adjusted for the AMC divestiture.
On an adjusted basis, Open Text says it earned 93 cents US per diluted share in its latest quarter, down from an adjusted profit of US$1.01 per diluted share a year ago.
Analysts on average had expected a profit of 80 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 31, 2024.
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