en.Wedoany.com Reported - Canadian software company OpenText reported its third-quarter results after the market closed on Thursday, with both revenue and profit rising, coinciding with the start of new CEO Aiman Antoine's tenure. The company is advancing its restructuring plan, focusing resources on core businesses.
Data shows total quarterly revenue reached $1.28 billion, equivalent to C$1.75 billion, a slight year-over-year increase of 2%; annual recurring revenue surpassed the $1 billion mark. The cloud services segment performed impressively, contributing $493 million, up 6.6% from the same period last year. Net income reached $173 million. Management raised its full-year cloud revenue growth forecast to 4% to 5%, up from the previous 3% to 4%.
Antoine stated during the earnings call: "Data is not a feature, it is the foundation." He added: "We will build a sustainable organic growth plan to track progress and hold ourselves accountable." The new CEO, who took the helm in late April, indicated he is conducting a deep review of the business, focusing on improving go-to-market execution and strengthening partnerships.
On the Toronto Stock Exchange, OpenText shares rose 3.6% on the day, but the cumulative decline since the beginning of the year still exceeds 25%. This partly reflects the overall pressure on the software sector amid uncertainty brought by artificial intelligence.
To control expenses, the Kitchener-Waterloo-based company is implementing a three-year business optimization plan. In March, its global workforce was reduced by 4%. Over the past year, the company has also divested two non-core assets to reduce debt.
Antoine pointed out that OpenText will refocus on three data types: data co-created by humans and machines, machine-generated records, and data generated from interactions between organizations. The company stated it currently serves over 31 million public cloud users and 120,000 enterprise customers across 180 countries, managing over one trillion pages of data.
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