BUZZ-Open Text Corp: Q4 revenue beats estimate

Thu Jul 30, 2015 10:52am EDT
 
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** Canadian business software maker's shares up 18.04 pct at C$57.52 after company reported Q4 results on Wednesday

** U.S.-listed shares up 17.2 pct at $44.10, among top pct gainers on Nasdaq

** Reports better-than-expected revenue for the first time in four quarters as it closed more big contracts

** Total revenue fell about three pct to $482.7 million, but beat company's own forecast and analysts' average estimate

** Company said on Wednesday it would buy back up to $200 mln of stock

** Open Text also raised FY 2016 non-GAAP operating margin model forecast to 30-34 pct from 28-30 pct

** At least three brokerages raise price target on stock

** "The increase (in operating margins) reflects opex savings from $50MM restructuring and the company holding the line on license revenue in the near term," RBC Capital Markets analysts said in a note

** Up to Wednesday's close, Toronto-listed shares had fallen 29 pct this year