WATERLOO, Ont. — OpenText Corp. says it incurred a US$65.5 million net loss in its latest quarter despite revenues climbing by more than 10 per cent when compared with a year ago.
The Waterloo, Ont.-based tech company says the net loss in its second quarter was a 161 per cent drop from the US$107.5 million net income it reported a year ago.
Revenue for the period ended Dec. 31 totalled US$855.6 million, up from US$771.6 million in the year prior.
The company's basic and diluted earnings per share in the quarter both amounted to a loss 24 cents per share, down from a profit of 40 cents per share a year ago.
Excluding a US$299-million IRS settlement, Open Text earned 95 cents per share in adjusted profits, up from 84 cents per share a year earlier.
Analysts on average had expected OpenText to report adjusted earnings per share of 85 cents per share and $814.5 million in revenue, according to financial data firm Refinitiv.
Work from home orders prompted by the COVID-19 pandemic have helped OpenText drum up interest in its cloud-based offerings and land clients like McCain Foods, Nestle, SaskPower and the City of San Diego.
This report by The Canadian Press was first published Feb. 4, 2021.
Companies in this story: (TSX:OTEX)
The Canadian Press
Note to readers: This is a corrected story. An earlier version failed to say earnings were in U.S. dollars and omitted adjusted profits.
