Open Text Corporation Reports Q3 2010 Earnings

Open Text Corporation's earning came in below analysts' expectations on Thursday.

Analysts were expecting $0.74 per share for Q3 2010, but they missed expectations with actual earnings of $0.70.

Open Text also reported total revenue of $212.8 million, compared to $192 million the same period last year and adjusted net income of $40.3 million up 28 percent, compared to $31.4 million for the same period a year ago.

Open Text, an enterprise software company and leader in enterprise content management, helps organizations manage and gain value of their business content.

 "We're seeing the effects of seasonality become more pronounced. While sales came in as expected in North America, Europe and Asia missed their targets. The manufacturing sector in Germany and Japan were particularly weak," said John Shackleton,  president and CEO of Open Text . "Overall, we're seeing the economic impacts on IT spend still affecting certain regions around the globe. In Q3, North America was responsible for 53 percent of the revenue, Europe, 39 percent with the remaining 8 percent coming from Asia Pac."