Canadian technology firm Open Text (OTEX) has reported a net loss of $48.7 million U.S. for its fiscal fourth quarter, down 148% from positive net earnings of $102.2 million U.S. a year ago.
The Waterloo, Ontario-based company’s revenues for the quarter ended June 30 totaled $1.5 billion U.S., up 66% from $902.5 million U.S. a year earlier.
OpenText develops and sells enterprise management software and is one of Canada’s largest technology concerns.
For its full fiscal year, Open Text reported net income of $150.4 million U.S., down 62% from $397.1 million U.S. in the previous financial year.
Earnings per share (EPS) for the full year were $0.56 U.S., down from $1.46 U.S. a year earlier.
Revenues for the company’s entire fiscal year rose nearly 30% to $4.5 billion U.S.
When releasing the latest earnings results, company executives announced a new initiative called “Opentext.ai” that they say enables customers to apply A.I. to their software products.
OpenText’s stock has increased 1% over the last 12 months to trade at $54.08 per share.
