Peter Dinham
Sunday, 02 August 2009 14:49
Business IT -
Technology
SaaS CRM provider, NetSuite has released its operating results for its second quarter of this year, recording total revenue for the quarter to the end of June of US$40.3 million, a 10% increase over the second quarter of 2008.
The company says revenues exceeded the
previously forecast outlook, with revenue from the Americas for the
second quarter at US$32.5 million, and revenue from international
regions US$7.8 million.
NetSuite CEO, Zach Nelson, said the company was very pleased with its
financial performance and strategic execution during the quarter, and
he added, “once again, we delivered top-line and bottom-line results
that exceeded expectations.”
Nelson said NetSuite had also generated operating cash in the quarter,
well ahead of its plan, and the company remained on target to achieve
its objective of posting break-even operating cash flow for 2009.
NetSuite’s results show that on a GAAP basis, net loss for the second
quarter of 2009 was US$5.0 million, or US$(0.08) per share, compared to
US$3.1 million, or US$(0.05) per share, in the second quarter of 2008.
And, the company’s non-GAAP net income for the second quarter of 2009
was US$687,000, or US$0.01 per share, compared to a non-GAAP net loss
of US$900,000, or US$(0.01) per share, for the second quarter of 2008.
Nelson said NetSuite was particularly pleased that the company not only
acquired more new customers during the quarter, but “did so at a higher
average sales price.
“A recent industry report indicates that NetSuite was rated as the
fastest growing vendor in the top ten vendors of financial management
systems in North America. As customers accelerate their movement to
cloud computing, we believe NetSuite will continue to take share from
our competitors.”