OpenText Announces Record Revenue Of $3.5 Billion

Canadian technology company OpenText (OTEX) has announced that it earned record revenue
of $3.5 billion for its full 2022 fiscal year.

The record revenue comes despite OpenText reporting that it earned $102 million in the three
months ended June 30, which was a 44% decline from the previous year.

The Waterloo, Ontario-based company said its fourth-quarter profit came in at $0.38 per share,
down from $0.66 a share in fiscal Q4 2021.

OpenText’s fourth-quarter revenues amounted to $902 million, a 1% increase from the year
earlier quarter.

Revenue from cloud services and subscriptions grew 14% on an annualized basis to $411.6
million from $360.2 million during the quarter.

OpenText said its record revenue for the full fiscal year was due to record cloud revenues and
cloud bookings.

So far this year, OpenText’s stock has fallen 10% to trade at $53.54 per share.