News

Open Text posts 2Q profit, results beat Wall Street forecasts

ONTARIO, Ont. – ONTARIO, Ontario (AP) _ Open Text Corp. (OTEX) on Tuesday reported fiscal second-quarter net income of $87.7 million.

The Ontario, Ontario-based company said it had profit of 72 cents per share. Earnings, adjusted for amortization costs and non-recurring costs, were $1.01 per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.

The software provider posted revenue of $465.3 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $459.5 million.

Open Text shares have fallen 11 per cent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $42.85, a decrease of 27 per cent in the last 12 months.

_____

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

_____

Keywords: Open Text, Earnings Report