Open Text reports quarterly profit of $84.4 million despite revenue decline

Open Text Corp. reported a quarterly profit of US$84.4 million for the first quarter, an increase from US$80.9 million a year earlier. This profit translates to 32 cents per diluted share, up from 30 cents last year. However, the company's revenue fell 11% to US$1.27 billion, down from US$1.43 billion a year ago, following the sale of its AMC business to Rocket Software. Adjusted revenue decreased by 1.8% when excluding the AMC divestiture. On an adjusted basis, Open Text earned 93 cents per diluted share, down from US$1.01 a year prior. Analysts had anticipated a profit of 80 cents per share.