Open Text profit beats estimates on cloud services

Wed Oct 31, 2012 4:21pm EDT
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(Reuters) - Canadian business software company Open Text Corp's OTC.TO (OTEX.O: Quote) adjusted quarterly profit handily beat estimates, helped by strength in its cloud services business.

But net income fell to $19.4 million, or 33 cents per share, in the first quarter, from $35 million, or 60 cents per share, a year earlier.

The company, whose partners include Microsoft Corp (MSFT.O: Quote) and Oracle Corp ORCL.O, earned $1.31 per share on an adjusted basis.

Revenue rose 13 percent to $326.2 million.

Analysts on average had expected a profit of $1.17 per share on revenue of $334.3 million, according to Thomson Reuters I/B/E/S.

(Reporting by Ankur Banerjee in Bangalore; Editing by Saumyadeb Chakrabarty)