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May 8, 2017

OpenText posts 68.7% profit tumble

Open Text pushes ahead with acquisition strategy

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Canadian business software maker OpenText Corp (OTEX.TO) reported a lower-than-expected quarterly profit on Monday as expenses rose over 50 per cent, offsetting gains across all its businesses.

The company's U.S.-listed shares were down 9.5 per cent at US$31.51 in after-hours trading. It was the biggest percentage loser among Nasdaq-listed stocks.

OpenText, which makes products used by enterprises to manage large volumes of content, said its total operating expenses rose to US$317.38 million in the third quarter ended March 31, from US$210.54 million a year earlier.

Net income attributable to OpenText plunged 68.7 per cent to US$21.62 million, or eight cents per share.

Excluding items, it earned 45 cents per share, missing the average analyst estimate of 50 cents, according to Thomson Reuters I/B/E/S.

The Waterloo, Ontario-based company's revenue rose 34.6 per cent to US$593.13 million, also missing analysts' estimate of US$601.70 million.

Revenue from cloud services and subscriptions rose nearly 20.1 per cent, while licensing revenue soared 35.4 per cent.