OpenText Reports Q3 Revenue of $1.28B, Exceeding Expectations
Reports Q3 revenue $1.28B, consensus $1.27B. Former interim CEO and CCO James McGourlay said, "OpenText had a strong quarter, driven by 6.6% year-over-year revenue growth in our cloud business as our clients continue to manage and secure their data for enterprise AI. As large enterprises move to the cloud, we enable choice and flexibility to help them innovate, while meeting data regulation requirements. I am pleased to welcome Ayman Antoun as OpenText's Chief Executive Officer, and I look forward to working closely with him as we remain focused on delivering solutions that support our clients' success." "Operational discipline supported our resilient business model delivering solid margin and free cash flow performance in the quarter," said Steve Rai, CFO. "Our strong cash flow and capital allocation flexibility enabled the repurchase and cancellation of 9.7 million shares in Q3. We ended the quarter with 242.2 million shares outstanding, a reduction of 6.7% year-over-year."
