OpenText Corp. says it earned US$80.9 million in the first quarter of its financil year, up from a loss of US$116.9 million a year earlier.
Revenues for the Waterloo, Ont.-based company were US$1.4 billion, up from US$852 million during the first quarter last year.
Diluted earnings per share were 30 cents US, up from a loss of 43 cents US last year.
Cloud revenues grew 11.5 per cent year over year to US$451 million.
CEO Mark Barrenechea says the strong first-quarter results set the company up for a strong fiscal 2024.
Adjusted earnings before interest, taxes, depreciation, and amortization were US$494.8 million, up from US$304 million.
This report by The Canadian Press was first published Nov. 2, 2023.
Companies in this story: (TSX:OTEX)
The Canadian Press