Open Text (OTEX.TO, OTEX) edged up in after-hours Nasdaq trading after the company on Wednesday said its fiscal third-quarter profit and revenue declined year-over-year.
The company earned US$363 million, or US$0.82 per share, in the period, down from US$432 million, or US$0.94, a year ago. FactSet expected US$0.77 per share.
Revenue fell to US$1.25 billion from US$1.45 billion in the year-ago quarter. The company said adjusting for its AMC divestiture, revenue was down 4.5%. FactSet projected revenue of US$1.30 billion.
The company added that quarterly enterprise cloud bookings declined 8.4% year-over-year to US$151 million.
OpenText said it expects to incur up to US$200 million in additional costs to complete the final phase of its expanded business optimization plan, bringing the total to around US$260 million.
The company added that it now expects a total net reduction of about 2,000 positions, an increase of roughly 1,600 from its earlier plan. Once fully implemented, the expanded plan and other cost-saving efforts are expected to deliver annualized savings of US$490 million to US$550 million, with about half of that realized in fiscal 2026 and the rest in fiscal 2027.
OpenText shares were last seen up US$0.25 to US$27.35 after hours. They closed down $0.25 to $37.32 on the Toronto Stock Exchange.
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