WATERLOO, ONTARIO – OpenText Corp. reported a net loss of US$116.9 million in its latest financial quarter, compared with net income of $131.9 million in the same quarter last year.
The Waterloo, Ont.-based tech company, which reports in U.S. dollars, says its earnings for the period ended Sept. 30 amount to negative 43 cents per diluted share due to a one-time $181-million loss related to the planned acquisition of British software and technology company Micro Focus.
Revenue for the quarter was $852 million, up 2.4 per cent year over year, while cloud revenues were up 13.5 per cent and amounted to almost half of total revenues.
OpenText chief executive Mark J. Barrenechea says the company delivered record revenue for the quarter, which is the first of its fiscal 2023, as well as enterprise cloud bookings, which were up 37 per cent.
Barrenechea says Micro Focus shareholders approved the acquisition on Oct. 18.
He says OpenText is on track to close the deal in the first calendar quarter of 2023.
This report by The Canadian Press was first published Nov. 3, 2022.
Companies in this story: (TSX:OTEX)
