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During the quarter, Open Text worked with customers that included the Alberta government’s Ministry of Justice, Talisman Energy and the Canadian Mortgage and Housing Corp.KACPER PEMPEL/Reuters

Open Text Corp. said Wednesday that first-quarter profit more than doubled as its corporate software business experienced particular strength in the services and technology industries, as well as the public sector.

The Waterloo-based company, which reports in U.S. dollars, said that earnings rose to $64.7-million or 53 cents per diluted share, compared with $30.6-million or 26 cents a year ago.

Revenue grew 40 per cent to $453.8-million from $324.5-million.

The results are the strongest first-quarter performance in the company's history and were reached despite a tougher economy, chief executive Mark Barrenechea said in a release.

"Our focus on enabling a digital-first world is resonating with customers as they deploy projects to reduce costs, grow revenues or scale with greater efficiency," he said.

During the quarter, Open Text worked with customers that included the Alberta government's Ministry of Justice, Talisman Energy and the Canadian Mortgage and Housing Corp.

Licence revenue was up 6 per cent compared with a year ago, reaching $58.6-million.

Cloud services revenue continued its strong performance, growing 260 per cent to $150-million, which matched growth of the previous quarter. Customer support revenue was up 9 per cent.

Shares of the company, whose results were released after markets closed, settled $1.18 lower at $60.96 Wednesday on the Toronto Stock Exchange.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 18/03/24 3:59pm EDT.

SymbolName% changeLast
OTEX-Q
Open Text Cp
+0.31%38.6
OTEX-T
Open Text Corp
+0.13%52.21
TC-Q
Tuanche Ltd ADR
-0.65%1.54
TC-T
Tucows Inc
-0.62%24
TCX-Q
Tucows Inc Cl A
-1.06%17.73

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