NetSuite revenues up on last year

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.”