Software company OpenText sees $103.4M spike in net income in Q1

WATERLOO, Ont. – OpenText Corp. saw a nearly 40 per cent spike in net income in its most recent quarter, as investors continued to rally behind North American tech companies in the wake of COVID-19.

The Waterloo, Ont.-based software business, which keeps its books in U.S. dollars, says its net income reached $103.4 million in its first quarter, up from $74.4 million in the same period last year.

OpenText says its basic earnings per share for the period ended Sept. 30 were 38 cents, up from 28 cents last year.

Its diluted earnings per share were also 38 cents, an increase from the 27 cents it saw in the same quarter of 2019.

OpenText says its revenue for the quarter was $804 million, up from $696.9 last year.

The company says the quarter was helped by winning key customers such as Sephora, Hydro Quebec, Texas A&M University and the Pacific Gas and Electric Co.

This report by The Canadian Press was first published Nov. 5, 2020.

Companies in this story: (TSX:OTEX.TO)