OpenText reports record 2022 revenue of $3.5B, even as quarterly profit falls

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WATERLOO, ONTARIO — Waterloo-based tech company OpenText says it earned $102.2 million in the three months ended June 30, a 43.6 per cent decline from the previous year’s quarter even as it achieved record revenue of $3.5 billion for its full 2022 fiscal year.

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The company says its fourth-quarter profit amounted to 38 cents per diluted share, down from 66 cents in the fourth quarter of fiscal 2021.

On an adjusted basis, OpenText earned $313.6 million in the fourth quarter, compared to $314.8 million during the same period in 2021.

The company’s fourth-quarter revenues were $902 million, a one per cent increase from the prior year’s quarter.

OpenText’s revenue from cloud services and subscriptions increased 14 per cent year-over-year from $360.2 million to $411.6 million.

OpenText says for the full fiscal year 2022, the company achieved record cloud revenues and cloud bookings. It says 82 per cent of its total revenues were annual recurring revenues.

This report by The Canadian Press was first published Aug. 4, 2022.

Companies in this story: (TSX:OTEX)

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