TechnologyAccounting SoftwareNetSuite posts record profits in Q4 2008

NetSuite posts record profits in Q4 2008

NetSuite grows 30% in comparison to Q4 2007

Business management software vendors, Netsuite, posted its final quarter
figures for 2008 showing 30% growth in comparison to Q4 2007.

NetSuite revealed its first non-GAAP profit in Q4 2008, revealing total
revenue for the business was $152.2m (£106m).

Zach Nelson, chief executive officer at NetSuite said: ‘I’m delighted that
NetSuite delivered one of our best quarters to date in what has been a very
difficult economic environment. I am especially excited that we posted the first
non-GAAP profitable quarter in the company’s history even against the headwinds
of global economic challenges.

‘This is a strong performance in any quarter, and is especially impressive
with business spending on equipment and software falling 27.8%, the worst in a
half century’ he added.

On a GAAP basis there was a net loss in 2008 of $0.07 per share compared to
$0.22 per share in 2007.

Revenue from the Americas for 2008 totalled $123.4m while international
revenue accounted for $29.1m.

Further reading:

nFlow sees revenue boost from accountants

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