Open Text Corp. reports net loss in fourth quarter, launches AI strategy

Open Text Corp. reported a net loss of US$48.7 million in its fourth quarter, down from earnings of US$102.2 million during the same quarter last year.

Revenues for the quarter ended June 30 were US$1.5 billion, up from US$902.5 million last year.

The company earned US$150.4 million for the full financial year, down from US$397.1 million the previous financial year.

Revenues for the year rose by more than 28 per cent to US$4.5 billion.

Diluted earnings per share for the full year were 56 cents US, down from US$1.46.

At the same time as it released its earnings results, the company also announced opentext.ai, which it’s calling a new strategic approach to advance how customers can apply artificial intelligence with OpenText software.

This report by The Canadian Press was first published Aug. 3, 2023.

Companies in this story: (TSX:OTEX)