OpenText Corp. sees earnings, revenues rise to kickstart financial year

OpenText Corp. says it earned US$80.9 million in the first quarter of its financil year, up from a loss of US$116.9 million a year earlier.

Revenues for the Waterloo, Ont.-based company were US$1.4 billion, up from US$852 million during the first quarter last year.

Diluted earnings per share were 30 cents US, up from a loss of 43 cents US last year.

Cloud revenues grew 11.5 per cent year over year to US$451 million.

CEO Mark Barrenechea says the strong first-quarter results set the company up for a strong fiscal 2024.

Adjusted earnings before interest, taxes, depreciation, and amortization were US$494.8 million, up from US$304 million.

This report by The Canadian Press was first published Nov. 2, 2023.

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