OpenText (OTEX.TO, OTEX) was a last look up 6.3% in Nasdaq after-hours trade on Thursday as its divestiture of its AMC unit cut into its second quarter earnings and revenues, but the company flagged its next generation platform Titanium X is on target for Q4 delivery.
The company's adjusted profit, excluding most one-time items, fell 12% to US$470 million, or US$1.11 per share, in the quarter ended Dec.31, down from US$533 million, or US$1.24, in the year-prior quarter.
Revenue fell by 13% to US$1.36 billion from US$1.54 billion. The company said adjusting for its AMC sale, revenue was down 4.9%.
Quarterly enterprise cloud bookings of $250 million was up 6.1%.
"OpenText's Q2 results demonstrate the strength of our operating model, delivering $501 million of adjusted EBITDA, and 37.6% adjusted EBITDA margin, and generating $307 million of Free Cash Flows (FCF). The company's top priorities remain total growth, competitive advantage, margin expansion and FCF, while producing upper quartile capital returns," said chief executive Mark Barrenechea.
Barrenechea added OpenText's next generation platform Titanium X is "on target for Q4 delivery".
The company's shares were last seen up US$1.87 to US$31.40 after hours. They closed down $1.26 to $42.26 on the Toronto Stock Exchange..
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