TechnologyNetSuite post record revenues for Q3

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.

 

Related Articles

Digital platform launched to reveal how a business is viewed externally

Company News Digital platform launched to reveal how a business is viewed externally

1y Acccountancy Age
BDO's 'agility' makes it well placed to succeed - Eagland

Accounting Firms BDO's 'agility' makes it well placed to succeed - Eagland

1y Kevin Reed, Writer
Xero launches global partner programme expansion

Accounting Software Xero launches global partner programme expansion

1y Stephanie Wix, Writer
CIMA: Accountants confident robots won't take their jobs

Technology CIMA: Accountants confident robots won't take their jobs

1y Accountancy Age, Reporters
What accountancy firms can learn from the gaming industry

Accounting Software What accountancy firms can learn from the gaming industry

1y Accountancy Age comment
Taking Stock: Xero sings to the tune of frustrated SME owners

Accounting Software Taking Stock: Xero sings to the tune of frustrated SME owners

1y Taking Stock
Oracle faces shareholder lawsuit over accounting methods

Accounting Software Oracle faces shareholder lawsuit over accounting methods

2y Richard Crump, Writer
Bishop Fleming launches new cloud accounting product

Accounting Firms Bishop Fleming launches new cloud accounting product

2y Richard Crump, Writer