NetSuite, a provider of cloud-based financials / ERP software suites, has reported a total revenue of $47.1m for the second quarter of 2010, an increase of 17% as compared to $40.3m for the same period last year. Revenue from subscription and support, and professional services and others increased to $40m and $7.3m respectively.
The company reported a gross profit of $31.6m, compared to $26.7m in the same period a year ago. Operating loss was $7m, compared to $5m for the second quarter of 2009.
For the quarter ended June 30, 2010, the company posted a net loss of $7.2m, or $(0.11) per share, compared to a net loss of $5m, or $(0.08) per share in the second quarter of 2009.
Zach Nelson, CEO at NetSuite, said: "NetSuite’s strong second quarter financial performance, driven by accelerating growth in bookings, revenue and profitability, is the result of broad acceptance by mid-sized organisations and divisions of large enterprises of our industry-leading ERP cloud computing suite.
"We are raising our 2010 outlook substantially based on the accelerating adoption of NetSuite’s cloud computing applications by enterprises around the world."
