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VIRTUALISATION NetSuite revenues up on last year
VIRTUALISATION NetSuite revenues up on last year | NetSuite revenues up on last year |
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| by Peter Dinham | |
| Sunday, 02 August 2009 | |
  
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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.” |
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