NetSuite delivers 'finest' Q1 in company history with $91.6M in revenue

Summary:Wall Street was expecting NetSuite to report a first quarter non-GAAP profit of 3 cents a share on revenue of $90.96 million.

Hoping to follow up a positive report last quarter and get the year started right, NetSuite published its first earnings statement for 2013 after the bell on Thursday.

The cloud-based business management software provider reported a net loss of $13 million, or 18 cents a share (statement).

But non-GAAP earnings were four cents a share on a revenue of $91.6 million -- up by a whopping 32 percent year-over-year.

Wall Street was expecting NetSuite to report a first quarter non-GAAP profit of three cents a share on revenue of $90.96 million.

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CEO Zach Nelson described Q1 2013 in prepared remarks as the company's best first quarter of the year to date:

While traditional software companies continued to struggle, NetSuite delivered arguably the finest Q1 in our history. NetSuite's success is driven by the fact that businesses around the world realize that in order to achieve their business vision, they need to move their core operational systems from pre-cloud software like Microsoft Dynamics GP/Great Plains and SAP to NetSuite's modern cloud-based suite of applications.

For the Q2 outlook, NetSuite was expected to report a non-GAAP profit of five cents a share on revenue of $96.95 million.

NetSuite is expected to provide second quarter guidance during the conference call with analysts at 2PM PDT/5PM EDT.

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Charts via NetSuite Investor Relations

Topics: Enterprise Software, Cloud, Enterprise 2.0, Software, Software Development

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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