Q3 for Open Text
Posted Feb 2, 2011 05:16:52 PM.
This article is more than 5 years old.
Waterloo-based Open Text Corp. nearly doubled its second-quarter profits, beating analyst estimates as demand for its software products rebounded and revenue soared.
The company, which reports in U.S. dollars, says it earned $37.1 million, or 64 cents per share during the quarter.
That’s up from $21.2 million, or 37 cents per share a year ago.
On an adjusted basis, income was $70.5 million or $1.21 per share, up 41 per cent from $50.1 million or 87 cents per share.
That easily beat analysts expectations of US$1.07 per share of adjusted net income, according to estimates compiled by Thomson Reuters.
The Street had also estimated $254.8 million in revenue but Open Text did better than that with US$267.5 million in sales during the last three months of 2010.
