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Open Text misses 3Q profit and revenue expectations

ONTARIO, Ont. – ONTARIO CANADA, Ontario (AP) _ Open Text Corp. (OTEX) on Wednesday reported fiscal third-quarter net income of $69.1 million.

The Ontario Canada, Ontario-based company said it had profit of 57 cents per share. Earnings, adjusted for one-time gains and costs, came to 80 cents per share.

The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.

The software provider posted revenue of $440.5 million in the period, also missing Street forecasts. Six analysts surveyed by Zacks expected $451.8 million.

Open Text shares have climbed 13 per cent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $54.15, a fall of slightly more than 3 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OTEX at http://www.zacks.com/ap/OTEX

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Keywords: Open Text, Earnings Report