(Adds Q3 details, share move and estimates)
May 8 Canadian business software maker OpenText
Corp reported a lower-than-expected quarterly
profit on Monday as expenses rose over 50 percent, offsetting
gains across all its businesses.
The company's U.S.-listed shares were down 9.5 percent at
$31.51 in after-hours trading. It was the biggest percentage
loser among Nasdaq-listed stocks.
OpenText, which makes products used by enterprises to manage
large volumes of content, said its total operating expenses rose
to $317.38 million in the third quarter ended March 31, from
$210.54 million a year earlier.
Net income attributable to OpenText plunged 68.7 percent to
$21.62 million, or 8 cents per share.
Excluding items, it earned 45 cents per share, missing the
average analyst estimate of 50 cents, according to Thomson
The Waterloo, Ontario-based company's revenue rose 34.6
percent to $593.13 million, also missing analysts' estimate of
Revenue from cloud services and subscriptions rose nearly
20.1 percent, while licensing revenue soared 35.4 percent.
(Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju