04:31 PM EDT, 05/02/2024 (MT Newswires) -- Open Text ( OTEX ) on Thursday said its fiscal third-quarter profit rose 71% on higher revenue.

The document management and cloud computing company said it earned US$98.3 million, or US$0.36 per share, in the quarter ended March 31, up from US$57.6 million, or or US$0.21.

Its adjusted profit per share, which exclude most one-time items, rose to US$0.94 from US$0.73, matching the consensus estimate according to Capital IQ.

Revenue rose 16% to US$1.45 billion from US$1.24 billion.

"OpenText delivered strong financial performance in Q3 with revenues of US$1.45 billion, or 16% year-over-year growth, reflecting customer demand for information management and new AI capabilities. OpenText sits at the center of connected ecosystems, the internet of clouds, and we play a trusted role as our customers adopt cloud, security and AI," chief executive Mark Barrenechea said in a relase.

As part of the quarterly, non-cumulative cash dividend program, the board declared a cash dividend of US$0.25 per common share payable June 18 to shareholders of record on May 31.

The company said is reinstating its share repurchase program. with plans to spend up to US$250 million to buy back and cancel its shares over the next 12 month. It received exchange approval to repurchase up to 13.64-million shares over the next year through a normal-course issuer bid.

Open Text ( OTEX ) shares closed down C$0.13 to C$48.54 on the Toronto Stock Exchange.