NetSuite post record revenues for Q3
Internet based financial technology provider shows 19% increase in revenues, compared to the same period in 2009
ONLINE FINANCIAL software provider NetSuite has posted a 19% increase in Q3 revenues compared to a year ago.
Revenues for the third quarter were $49.7m (£30.7m), a 19% increase on the same period a year ago.
On a GAAP basis, net loss for the third quarter of 2010 dropped to $7m, or $0.11 per share, a decline compared to $8m, or $0.13 per share, for the third quarter of 2009.
Zach Nelson, CEO of NetSuite, attributed the increase in revenue to customers being more confident of moving software online.
Nelson said the traditional in-house software was being “thrown out” in favour of online or cloud based technology.
“We are again raising our 2010 outlook for revenue, operating cash flow and non-GAAP net income based on the accelerating adoption of NetSuite’s cloud computing applications by enterprises around the world,” he said.