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NetSuite grows revenues but losses remain

Simon Quicke

Cloud player NetSuite was unable to cut its losses in the last quarter but saw revenues rise as more users started to turn towards hosted applications.

Net loss for the fourth quarter, ended 31 December, was $6.4m not much improved on the $6.5m it lost in the same period last year. However revenue increased by 21% to $44.2m.

Total revenue foe the year climbed by 16% to $193.1m and the net loss for the year slightly rose to $27.5m compared to $23.3m in 2009.

Despite that position the CEO Zach Nelson remained upbeat pointing out that the cloud message was getting across to users.

"We are seeing an acceleration of enterprises large and small moving to cloud computing, and our ten year head start in delivering cloud business applications bodes well for us in 2011," he said.

He added that more firms were starting to. "move their core business applications from outdated and costly client-server offerings", and head to the cloud in greater numbers.

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