Open Text Q1 Earnings Gains, Despite 11% Decline In Revenue

(RTTNews) - Open Text Corp. (OTEX) Thursday announced that the first quarter earnings increased from the prior year, while revenues grew by 11 percent.

The quarterly earnings were $84 million or $0.32 per share, compared to $81 million or $0.30 per share last year. On an adjusted basis, earnings were $0.93 per share.

On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.8 per share. Analysts estimates usually exclude special items.

Total revenues declined to $1.27 billion from $1.425 billion in the prior year. Wall Street expected $1.28 billion.

The company said it has repurchased and canceled 7.72 million shares over the last two quarters.

In a separate release, the company has revealed its highly anticipated 'Nastiest Malware of 2024' list, spotlighting the year's most notorious cyber threats.