NetSuite posts best ever sales quarter, next target profitability

NetSuite CEO Zach Nelson has taken a confident line after the cloud-based financial software and ERP specialist posted net losses of $6.4m (£4m)and $32m for both the fourth quarter and full-year. Nelson's upbeat assessment came courtesy of across-the-board growth in sales, billings and operati

NetSuite CEO Zach Nelson has taken a confident line after the cloud-based financial software and ERP specialist posted net losses of $6.4m (£4m) and $32m for both the fourth quarter and full-year.

Nelson's upbeat assessment came courtesy of across-the-board growth in sales, billings and operational cashflow.

"Our Cloud Computing suite continued to take marketshare from traditional midmarket and enterprise ERP vendors," said Nelson.

"As we enter 2012 I believe we are the best positioned company to benefit from the shift to the cloud as customers abandon aging mission-critical systems designed before the web existed and move to NetSuite," he explained.

The firm booked revenues of $64.1m during the last three months of 2011, up 23% over the same period last year. Subscription and support sales were up 23% to $54.2m, and calculated billings were up 36% to $78.8m.

For the full 12 months, NetSuite made revenues of $236.3m, up 22%, calculated billings of $236.3m, up 32%, and cashflow from operations of $36.3m, up 99% over 2010

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