July 30, 2014 / 9:40 PM / 4 years ago

OpenText's revenue beats estimates as cloud services demand jumps

July 30 (Reuters) - Canadian business software maker Open Text Corp reported quarterly revenue above analysts’ estimates, largely driven by higher demand for its cloud services.

OpenText’s U.S.-listed shares were up about 10 percent at $53.40 in after-market trading on the Nasdaq.

The company said it appointed John Doolittle as Chief Financial Officer, effective Sept. 8. He will replace Paul McFeeters who will retire by Sept. 30.

The company’s revenue rose 42 percent to $494 million.

Net income rose to $88.1 million, or 72 cents per share, in the fourth quarter ended June 30 from $42.1 million, or 36 cents per share, a year earlier.

The company reported an adjusted profit of $1.05 per share.

Analysts on average had expected profit of 94 cents per share on revenue of $480.2 million, according to Thomson Reuters I/B/E/S.

Cloud services revenue more than tripled to $149.9 million.

The Waterloo, Ontario-based company makes software that helps companies manage documents and workflow.

OpenText’s shares closed at C$51.56 on the Toronto Stock Exchange on Wednesday. (Reporting By Tanvi Mehta and Shubhankar Chakravorty in Bangalore; Editing by Sriraj Kalluvila)

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