NetSuite Q1 strong amid revenue surge

Summary:NetSuite CEO Zach Nelson said that the company is benefiting from the migration from on-premise ERP to cloud computing.

NetSuite's revenue handily topped expectations in the first quarter as the company continued to land customers.

The company reported a first quarter net loss $7.7 million, or 11 cents a share, on revenue of $69.3 million, up 30 percent from a year ago. Non-GAAP earnings were 6 cents a share. Wall Street was expecting non-GAAP earnings of 3 cents a share on revenue of $67.8 million.

Subscription and support revenue for the first quarter was $58 million, up 27 percent from a year ago.

NetSuite's metrics were strong across the board. Calculated billings, revenue plus the change in deferred revenue, were $77.9 million in the first quarter, up 26 percent from a year ago.

In a statement, NetSuite CEO Zach Nelson said that the company is benefiting from the migration from on-premise ERP to cloud computing.

Topics: Banking, Enterprise Software

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Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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