Canadian software firm OpenText (OTEX) has reported net income of $57.6 million U.S. for its fiscal third quarter, down 23% from $74.7 million U.S. a year earlier.
The Waterloo, Ontario-based company said its revenue in the quarter rose 41% to a record $1.24 billion U.S. from $882.3 million U.S. in the previous year.
The company said its $6 billion purchase of tech company Micro Focus International drove its quarterly revenue to record levels.
However, higher spending on research and development, sales and marketing, and customer support led to the decline in net income.
Fiscal year to date, OpenText’s revenues are up 16% to $2.99 billion U.S., while the company’s net income is down 33% at $199 million U.S.
OpenText’s stock is flat (down 0.52%) over the last 12 months and trading at $49.43 per share.
Tech Insider
