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February 3, 2010

NetSuite Q4 revenue increases to $43m

Posts net loss of $6.5m, compared to $4.5m in same period last year

By CBR Staff Writer

NetSuite has reported revenue of $43m for the fourth quarter of 2009, compared to $41.4m for the same period last year. Revenue from Americas was $35m, while revenue from international regions was $8m.

The company posted gross profit of $27.9m, a decrease compared to $28.3m for the fourth quarter of 2008. Operating loss totalled $6.6m, an increase compared to an operating loss of $4.9m. Operating expenses for the quarter were $34.54m, an increase compared to $33.2m for the same period last year.

For the fourth quarter ended December 31, 2009, the company posted a net loss of $6.5m or of $0.1 per share, compared to $4.5m or $0.07 per share for the same period last year.

For the full year, the company reported revenue of $166.5m, an increase of 9%, compared to $152.4m for 2008. Operating loss was $23.5m, compared to a loss of $18.4m in 2008 while net loss was $23.3m, or $0.38 per share, compared to a loss of $15.9m, or $0.26 per share in 2008.

Zach Nelson, CEO of NetSuite, said: “In a year that saw many of our ERP competitors’ sales decline, NetSuite achieved record financial results. Our ten year head start in delivering cloud computing business applications bodes well for us in 2010 as companies continue to move their core business applications from 1990’s style client-server offerings to NetSuite solutions that have cloud computing at their core.”

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