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