<ul><li>OpenText Corp. plans to cut 1,200 roles as part of a restructuring effort aimed at reducing annual expenses by up to $550 million.</li><li>The company reported a sales drop to $1.254 billion in the third quarter, down from $1.44 billion a year earlier, attributing much of it to the sale of its AMC business unit.</li><li>OpenText's cloud sales increased by 1.8% year-over-year to $463 million, a bright spot amidst the revenue decline.</li><li>The expanded restructuring plan now aims to save between $490 million and $550 million annually, with the company intending to cut 1,200 roles and reduce its real estate footprint.</li></ul>

OpenText expands restructuring initiative after larger-than-expected sales drop

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