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Open Text profit beats estimates on cloud services

Tags: Open Text

Business software company Open Text Corp's (OTC-T) adjusted quarterly profit handily beat estimates, helped by strength in its cloud services business.

But net income fell to $19.4 million US, or 33 cents per share, in the first quarter, from $35 million, or 60 cents per share, a year earlier.

The company, whose partners include Microsoft Corp (MSFT-Q) and Oracle Corp (ORCL-Q), earned $1.31 per share on an adjusted basis.

Revenue rose 13 percent to $326.2 million.

Analysts on average had expected a profit of $1.17 per share on revenue of $334.3 million, according to Thomson Reuters I/B/E/S. CTV Two CTV News CTV News Channel BNN - Business News Network CP24