OpenText sees earnings drop in second quarter to US$37.7 million

By: The Canadian Press Posted:

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WATERLOO, ONT. - OpenText Corp. says it earned US$37.7 million in its second quarter, down 85 per cent from US$258.5 million during the same quarter last year.

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Hey there, time traveller!
This article was published 01/02/2024 (955 days ago), so information in it may no longer be current.

WATERLOO, ONT. – OpenText Corp. says it earned US$37.7 million in its second quarter, down 85 per cent from US$258.5 million during the same quarter last year.

The company saw its operating expenses nearly double for the quarter, and was also hit with significantly higher interest and other related expenses.

The Waterloo, Ont.-based company says revenues for the quarter were US$1.5 billion, up from US$897.4 million a year earlier.

OpenText Corp. says it earned US$37.7 million in its second quarter, down 85 per cent from US$258.5 million during the same quarter last year. CEO Mark Barrenechea speaks in Ottawa on Wednesday, May 29, 2019. THE CANADIAN PRESS/Justin Tang
OpenText Corp. says it earned US$37.7 million in its second quarter, down 85 per cent from US$258.5 million during the same quarter last year. CEO Mark Barrenechea speaks in Ottawa on Wednesday, May 29, 2019. THE CANADIAN PRESS/Justin Tang

Earnings per diluted share were 14 cents US, up from 96 cents US a year earlier.

CEO Mark Barrenechea says OpenText remains on track to close the divestment of its AMC business to Rocket Software, Inc. in the fourth quarter of fiscal 2024.

Executive vice-president and chief financial officer Madhu Ranganathan says the company expects to bring recent acquisitionMicro Focus on to the OpenText operating model by the end of the fiscal year.

This report by The Canadian Press was first published Feb. 1, 2024.

Companies in this story: (TSX:OTEX)

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OpenText Corp. says it earned US$37.7 million in its second quarter, down 85 per cent from US$258.5 million during the same quarter last year. CEO Mark Barrenechea speaks in Ottawa on Wednesday, May 29, 2019. THE CANADIAN PRESS/Justin Tang

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WATERLOO, ONT. - OpenText Corp. says it earned US$37.7 million in its second quarter, down 85 per cent from US$258.5 million during the same quarter last year.

The company saw its operating expenses nearly double for the quarter, and was also hit with significantly higher interest and other related expenses.

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