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November 8, 2010

NetSuite sees 19% growth in Q3 revenue

Recurring revenue grows 19% year-over-year to $41.8m

By CBR Staff Writer

NetSuite, a provider of cloud-based financials/ERP software suites, has reported total revenue of $49.7m for the third quarter ended 30 September 2010, representing a 19% increase from $41.7m over the prior year.

The company said that subscription and support revenue for the third quarter was $41.8m, up 19% over the same period in the prior year.

GAAP operating loss for the third quarter of 2010 was $6.6m, compared to a GAAP operating loss of $8m in the third quarter of 2009.

On a GAAP basis, net loss for the third quarter of 2010 was $7m, or $0.11 per share, as compared to a net loss of $8.0m, or $0.13 per share in the third quarter of 2009, the company said.

Non-GAAP operating income for the third quarter of 2010 improved 600% year-over-year, growing to $2.9m, as compared to non-GAAP operating income of $419,000 in the third quarter of 2009.

Non-GAAP net income for the third quarter of 2010 was $2.6m, as compared to non-GAAP net income of $348,000 for the third quarter of 2009.

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NetSuite CEO Zach Nelson said the company’s record results and raised outlook reinforces that customers are running to the NetSuite Cloud from pre-Web applications like Microsoft Dynamics Great Plains.

"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," Nelson said.

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