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.
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)
The Canadian Press