NetSuite results show increase in net loss

NetSuite, the financial online software company, has posted its fourth quarter results which reflect the company continues to see its net loss increase on a GAAP basis.

The New York listed company results showed on a GAAP basis net loss for the fourth quarter was $6.5m (£4.14m) or $0.10per share compared to a net loss of $4.5m or $0.7 per share for 2008.

GAAP operating loss for 2009 was $23.5m compared with $18.4m in 2008.

“In a year that saw many of our ERP competitors’ sales decline, NetSuite achieved record financial results,” said Zach Nelson, CEO of NetSuite.

"Our ten year head start in delivering cloud computing business applications bodes well for us in 2010 as companies continue to move their core business applications from 1990’s style client-server offerings to NetSuite solutions that have cloud computing at their core," he added.

Net loss for 2009 on a GAAP basis was $23.3m of $0.38 per share compared with a net loss of $15.0m or $0.26 per share in 2008.

However non-GAAP net income improved 236% in 2009 to $3.4m compared with 2008's figures of a non-GAAP net loss of $2.5m.

There was further good news total revenue for the year increased by 9% to $166.5m on last year and approximately 290 new customers joined the company in the fourth quarter.

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