NetSuite, a provider of cloud-based financials and ERP software suites, has posted total revenue of $57.8m for the second quarter of 2011, a 23% increase over the second quarter of 2010.
On a GAAP basis, net loss for the quarter was $9.8m, or $(0.15) per share, as compared to a net loss of $7.2m, or $(0.11) per share, in the second quarter of 2010.
In its operating results for the second quarter ended 30 June 2011, the company disclosed that subscription and support revenue for the quarter was $48.2m, representing 21% growth over the same period in the prior year.
The company also posted a record quarterly operating cash flow of $8.4m and calculated billings grew 30% year-over-year to reach $62.6m.
Cash flow from operations increased $4m, or 88%, over the same period last year.
The improved performances owes to the fact that the company saw the largest number of new customer wins in two years and the largest customer deal in company history.
Among the new customers of the company are online flash sale e-tailer, Beyond the Rack, and portable navigation consumer electronics company, Magellan.
Non-GAAP net income for the second quarter of 2011 was $1.6m, or $0.02 per share, as compared to non-GAAP net income of $1.9m, or $0.03 per share, for the second quarter of 2010.
NetSuite CEO Zach Nelson said NetSuite’s strong financial results and the quality and quantity of its customer wins tell the story of how NetSuite is transforming the business capabilities of small, medium and large companies around the globe.
Nelson added, "Q2 also showed our continued success in moving up market with the announcement of customer wins at billion-dollar revenue companies like Groupon and Qualcomm. NetSuite also marked a milestone during Q2 by signing our largest ever recurring revenue contract with a 45,000 employee global organisation that plans to use NetSuite to automate its entire operation including ERP and industry specific functionality."
