01:00:07 EDT Sat 12 Jul 2025
Enter Symbol
or Name
USA
CA



Open Text Corp
Symbol OTEX
Shares Issued 265,545,938
Close 2024-10-31 C$ 41.76
Market Cap C$ 11,089,198,371
Recent Sedar Documents

Globe says Open Text takes hit as Q1 revenues decline

2024-11-01 09:11 ET - In the News

The Globe and Mail reports in its Friday edition that Open Text stock sank Thursday over concerns about declining revenue. The Globe's Sean Silcoff writes that Open Text reported revenue of $1.27-billion (U.S.) in its fiscal first quarter ended Sept. 30, down 11 per cent from $1.43-billion (U.S.) in the same period a year earlier. Excluding the impact of a rare divestiture, revenue sagged by 1.8 per cent, chief financial officer Madhu Ranganathan said on a conference call. The outlook for the second quarter ending in late December is also feeble. BMO analyst Thanos Moschopoulos estimated that, based on limited disclosure by the Waterloo, Ont., company, organic revenue, or the change in revenue from existing businesses, would decline by 5 to 8 per cent in the second quarter. Part of the drop is owing to the fact Open Text booked an undisclosed amount of revenue from a patent settlement in last year's second quarter. The prospect of two straight quarters of declining revenue did not sit well with investors after chief executive officer Mark Barrenechea previously promised Open Text would deliver 1-per-cent organic growth this fiscal year. The stock sank by 11.1 per cent to $41.77 a share on the Toronto Stock Exchange.

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