NetSuite revenue climbs but losses stay static


NetSuite revenue climbs but losses stay static

Simon Quicke

NetSuite saw revenues rise but it failed to trim its losses with the numbers for its first quarter mirroring what happened at this point last year.

The cloud specialist continues to act as a barometer for demand for hosted financial and ERP software with revenue for the three months ended 31 March climbing by 30% to $69.3m. Subscription and support revenue also rose by 27% year-on-year to $58m.

But GAAP net losses remained at $7.7m, the same figure as a year earlier, but that didn't stop the CEO Zach Nelson from talking up the position of the firm.

"NetSuite's Q1 results continue the momentum of 2011 as companies large and small accelerate their move from pre-Web client/server solutions to NetSuite's cloud-based offerings. Our great Q1 reinforces that this migration from legacy offerings like Microsoft Dynamics GP/Great Plains, Sage and SAP to NetSuite continues unabated in 2012," he said.

"All companies, even non-technology companies, have realized they are cloud companies," he added that they needed help transitioning to the new model.

At the same time as unveiling its results the vendor also provided a list of some US VARs that had decided to sign up and start selling its products. 
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